As the private banks mushroomed 40 years after Rishengchang's appearence in Shanxi, among them were five ally banks, generally named Wei associates, established by Hou Yinchang, a merchant from Shanxi.
In the beginning, Qiao Zhiyong set up Dadexing mainly involved in tea business, it later also run remittance business, having seen the great potential, Qiao made it the main business and turnned it into a bank and changed its name to Dadetong.
Located at No 33 east street in Qixian county, Shanxi province, a large architectral complex belonged to a celebrated business family,known as Qu's Compound 100 years ago.
An early Chinese banking institution was called the piaohao, also known as Shanxi banks because they were owned primarily by natives of Shanxi. To deal with the transfer of large amounts of cash from one branch to another, the company introduced drafts, cashable in the company's many branches around China.
An early Chinese banking institution was called the piaohao, also known as Shanxi banks because they were owned primarily by natives of Shanxi. To deal with the transfer of large amounts of cash from one branch to another, the company introduced drafts, cashable in the company's many branches around China.
An early Chinese banking institution was called the piaohao, also known as Shanxi banks because they were owned primarily by natives of Shanxi. To deal with the transfer of large amounts of cash from one branch to another, the company introduced drafts, cashable in the company's many branches around China.
An early Chinese banking institution was called the piaohao, also known as Shanxi banks because they were owned primarily by natives of Shanxi. To deal with the transfer of large amounts of cash from one branch to another, the company introduced drafts, cashable in the company's many branches around China.
