Banking and the Promotion of Technological Development by Nicolas Jequier, Hu Yao-su, Yao-Su Hu, A.S. Bhalla

By Nicolas Jequier, Hu Yao-su, Yao-Su Hu, A.S. Bhalla

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The term "industrial banking" can be used to designate either a nineteenth-century financial and institutional innovation, or else a tradition, or concept, of a much wider nature, which is still very much alive. In this second sense, the term must refer to the unique and unchanging nature of industrial banking. It is unchanging in the sense that it remains as relevant today as it was 100 years ago; and it is unique in the sense that it is clearly different from other types of banking. What we are looking at here is industrial banking, rather than industrial banks.

Thus, of the seven industrial companies which the Darmstiidter Bank promoted as joint-stock companies in 1856, it retained, as a matter of deliberate policy, between one-third and one-half of the new shares. Unlike the French banques d'affaires which have traditionally acted as holding companies, the German banks also provided loan capital, often on a massive scale and often long before a company could be floated on the Borse (this combination of loan and equity financing is so important and has so many implications that we shall return to it again and again).

In the Federal Republic of Germany and Japan, both the big banks and many of the smaller regional banks have been brought up in a tradition of industrial banking which is still very much alive today, despite the fact that they have diversified into many other types of financial activities. For special credit institutions and development banks, this commitment to industrial banking results less from a long-standing tradition than from their objectives and their corporate charters. ir Wiederaufbau in the Federal Republic of Germany, for instance), the execution of missions of public interest as defined by the State (as with France's Credit National), the promotion and development of natural resources and of domestic enterprises (the Fiji Development Finance Bank, for instance), or the encouragement of national industrial development (Industrial Credit and Investment Corporation of India, Malaysia Industrial Development Finance Berhad).

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