was appointed the bank's first General Manager. Chen had 80,000 Yuan in initial capital to found the bank. Their initial capital was so small the bank became known as "the Little Shanghai Bank". His guiding principle was “service to society, support for industry, and prosperity to enhance international trade” and he made sure that his staff must be very polite and patient with their clients, small depositors. In his address to his staff in Qingdao branch, he emphasized that they must appreciate their customers business—whether for one or 100 Chinese dollars—must do their best to give their customers convenience, and must be friendly to businessmen. He said “the customer’s psychology always favors a busy place,” because the sight of a busy firm will make people trust it and claimed that the aim of The Shanghai Bank was to serve society and not just make a profit. So, even though some services would not be profitable, they still had to be offered. Chen Guangfu xiansheng lüezhuan (The short biography of Chen Guangfu, Taipei: Shanghai shangye chuxu yinhang, 1977, p. 31). Innovation seems to have come naturally to K. P. Chen. It did not stop with the Kiangsu Bank. At the Shanghai Bank, contrary to what other banks were doing at the time, he concentrated on attracting deposits from the public instead of notes issuance. K. P. Chen was the first to introduce "one dollar" accounts, encouraging savings among individual members of the greater public and took the lead in introducing many different types of savings programs. The Shanghai Commercial and Savings Bank's motto, very reflective of Chen's values, was "service to society, support for industry, and development of international trade." In 1928 the Shanghai Bank handled over 6 million Yuan in foreign exchange and became the number one private bank handling foreign exchange in China. The Chartered Bank of India, Australia and China became upset because of The Shanghai Bank's efforts to promote their foreign exchange business, and decided to refuse The Shanghai Bank's foreign exchange contracts. In retaliation K. P. Chen refused to accept contracts from the Chartered Bank and made this known to the Shanghai banking community through The Shanghai Bankers Association and The Shanghai Foreign Bankers Association, whom he rallied to his cause. Eventually the Chartered Bank came to cooperate with the Shanghai Bank through the mediation of a third party. In 1931 he created a special trust