Chartered Bank of India, Australia and China incorporated

Background. James Wilson, a Scottish businessman and economist, founded the Chartered Bank in 1853. He had previously served as Secretary of the Board of Control for the East India Company until 1852. The bank was established to capitalize on the expansion of trade between India and China, financing the movement of goods from Europe to the Far East.

Incorporation. The bank was incorporated in London in 1853 under a Royal Charter granted by Queen Victoria. Wilson, who had migrated to London from Scotland, established the institution to facilitate colonial trade. The bank lacked a strong domestic network in Britain but was influential in developing British colonial trade throughout the East of Suez.

Competition. The Chartered Bank competed with other prominent British banks of the time, including the Oriental Bank Corporation, the Hongkong & Shanghai Bank, and the Mercantile Bank of India, London and China. It sought to profit from financing the movement of goods from Europe to the Far East.