From Draft Bank to Bank:the Transformation and Rebirth of Weifonghou Draft Bank to Weifong Commercial Bank in 1916
Weifonghou draft Bank was reorganized into Weifong Commercial Bank in 1916,which was the successful case of Shanxi Draft Bank organizing a modern bank in order to cope with the crisis and to go with the circumstances.The transition of Weifonghou,a private financial entity,from a traditional draft Bank to a contemporary bank was made possible by its astute long-term engagement in the northwest remittance business.This strategic move not only led to substantial profits but also allowed Weifonghou to navigate the challenges of the Xinhai Revolution successfully,preserving its financial prowess.Simultaneously,it garnered the support of local bureaucrats,establishing itself as the cornerstone for both its continued existence and restructuring.Moreover,the exceptional leadership skills exhibited by Hao Dengwu,the manager of the Beijing branch,played a pivotal role during the restructuring process.His outstanding reputation secured investments from shareholders and assistance from the political sphere.The crucial backing from the Beiyang military and political elites not only facilitated a seamless completion of Weifonghou's stock issuance tasks but also provided indispensable ongoing business support,serving as a decisive factor in its transformation and rebirth.
Weifonghou Draft BankWeifong Commercial BankReorganizationTransformation and rebirth
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