Bank of the People Montreal in 1840. Until 1835, every bank in Upper Canada required a legislated charter which established it as a legal person able to sue, and be sued at law. Only two Banks had been chartered: the Bank of Upper Canada and the Commercial Bank of the Midland District. Both banks were controlled by the "Family Compact" who used their control of the currency supply and credit to control trade and ultimately, the farmers. They had a "licensed monopoly" to print paper money, which reduced competition. In 1835, Dr Charles Duncombe, a Reform politician in the Legislative Assembly, was part of
Hang Seng Bank its mainland China subsidiary bank. Within the same year, Hang Seng Bank introduced a brand revitalisation program and presented a new company slogan – Managing wealth for you, with you. The year, 2007 was significant to Hang Seng Bank. The China Banking Regulatory Commission (CBRC) authorised the formation of Hang Seng Bank (China) Limited, the mainland China subsidiary bank of Hang Seng Bank. Which was established on 28 May 2007. In November, Hang Seng Bank opened its new Hong Kong office at MegaBox, Kowloon Bay. Hang Seng Bank became the first bank in Hong Kong to fix the renminbi (RMB)