The Shanghai Commercial Bank (SCB; Chinese: 上海商業銀行) is an international bank based in Hong Kong. Its subsidiary companies offer banking and financial services across the world, but mainly in China, the United Kingdom, and the United States. The bank was founded by Chen Guangfu (K. P. Chen) in 1915. As a group, it employs over 1,790 people. The bank is a financial institution incorporated in Hong Kong. The address of its registered headquarters is 12 Queen's Road Central, Central, Hong Kong. History Historically, the Shanghai Commercial Bank was founded in Shanghai in 1915 under the leadership of K.P. Chen (1881–1976), a graduate of the University of Pennsylvania's Wharton School of Finance. In 1927, the Shanghai Commercial Bank established a travel service division, which later became the independent China Travel Service. The bank expanded in the late 1920s and early 1930s, endured the period of Japanese aggression, but suffered significant set-backs during the Chinese Civil War. In 1950, with the new Communist government intent on nationalising the banking industry in mainland China, the Hong Kong branch of the Shanghai Commercial Bank was separately incorporated in Hong Kong as the Shanghai Commercial Bank. The bank's assets in mainland China were compulsorily acquired by the government. In 1954, the bank was permitted to re-register in Taiwan as the Shanghai Commercial and Savings Bank (SCSB), retaining a majority shareholding in the Hong Kong bank. Both parts of the bank, in Hong Kong and Taiwan, rebuilt themselves from the 1960s-1980s as both economies prospered. In 1995, the Shanghai City Credit Union in mainland China was converted to a bank, the Shanghai City Cooperative Bank, which was subsequently renamed the Bank of Shanghai. The SCB has acquired a 3% stake in the Bank of Shanghai, symbolically re-establishing its link to banking in Shanghai. In 2011, the three "Banks of Shanghai" entered into a cooperation agreement. The link between the three banks is emphasised in some marketing materials, with the slogan "Bank of Shanghai in 3 regions on both sides of the Strait". Headquarter Building In 2008, SCB bought the CNAC Group building at 10 Queen's Road Central, adjacent to its then headquarters building for further expansion. The purchase of CNAC building costed HK$1.388 billion for gross area of 70,00 square feet, and SCB intended to invest another 500 to 600 HKD Million to redevelop it along with the building at 12 Queen's Road Central as the