Banking on Women: Tracing the Shanghai Women’s Commercial & Savings Bank

Abstract

This paper details the formation of the Shanghai Women’s Commercial and Savings Bank (1924-1955). It uncovers the legacy of businesswomen Yan Shuhe and Zhang Youyi in managing the bank and the complex behind-the-scenes network culminating in the bank’s development. Staffed and financed by women, the bank catered to women young and old who cashed their paychecks and stored their jewellery. Bank records, memoirs, and media sources reveal the women's bank stood out in its longevity, operating from 1924 to 1955, and merits close attention given the role this institution played in regards to gender and banking. Although the women’s bank had limited capital and a small business scope, it reflected the endeavours of women at a time when Chinese women’s roles were evolving and adds a gendered dimension to the narrative of commercial Shanghai to reflect the contributions of enterprising women to the financial field. This is a chapter in a larger study on Chinese women in business in Modern China. This paper seeks to contribute to the rich literature on Shanghai banking by shifting the focus to the women entrepreneurs involved in shaping the Shanghai Women’s Bank to argue that they, alongside their elite network, contributed to the bank’s longevity and success. In exploring the anxieties and endeavours of the Shanghai Women’s Commercial and Savings Bank, this paper shows that for the most part the bank can be viewed as a successful women’s endeavour given its longevity of thirty-one years and its profitability. The interactions and influence of prominent women shaped the bank in its formation and management. Although emphasizing gender in its initial creation, the Shanghai Women’s Commercial and Savings Bank ultimately pursued similar business strategies to other banks with both men and women working behind-the-scenes to uphold the institution.