Hong Kong’s first note-issuing bank, the Oriental Bank, opens a branch in Hong Kong.
The Oriental Bank issues Hong Kong’s first banknotes, all of which are denominated in $5.
Early banknotes are in effect receipts issued to the public for depositing silver, and can be presented to banks anytime in exchange for silver of the equivalent denomination value.
It is renamed The Oriental Bank Corporation after obtaining a Royal Charter, while the Chinese name remains the same.
The Oriental Bank Corporation is wound up following a coffee crop failure in Ceylon (now Sri Lanka), to which the bank lends heavily. The bank is later reorganised as the New Oriental Bank Corporation.
The bank closes down.