Oan Industrial and Commercial Bank
The Oan Industrial and Commercial Bank is the oldest bank in and from The Oan Isles.
History
The Oan Industrial and Commercial Bank was founded by the Oan Industrial and Commercial Bank Act which was passed by the 20th National Assembly of the Oan Isles in 1802. Its was established primarily to encourage the development of industries in the Oan Isles in order to compete with foreign manufacturers. The bank became popular due to the ease of access to loans. Many companies were attracted to this notion and exploited it to gain access to much needed capital.
The Oan Industrial and Commercial Bank began experiencinv decline in 1834. Its almost reckless and badly structured loans system, that had capitalised many companies and banks faultered when the Oan Banking System was tested by over production, decay of the agriculture sector, loss of foreign investment and a reduction in markets due to the opening of new trade routes that made Port of the Rock defunct. The bank had previously contracted its commercial banking services to small private banks. With the drop in revenues and the value of its assets, it began to shoulder more of that burden.
The bank experienced more problems as its cash handling systems proved inadequate and its services were poorly received by the general public. Over the next thirty years it faultered tremendously and could not even be saved by a recovery in Oan industries in 1857. The bank was badly crippled by 1878. It ceased providing new services and focused on services its existing clients. It was further damaged by the establishment of the Standard National Bank in 1910. The Oan Industrial and Commercial Bank Act, 1802 which had founded the bank was amended in 1918 as part of a general overhaul of the Oan banking system and state assets that was catalysed by the formation of the Standard National Bank.
With amendments to the act, as well as changes in state policies and reforms to the banking system at large, the bank was able to raise new capital and expand its services portfolio. It capitalised on a property and industry boom in the 1930s to become a major bank. It resisted the shockwave of a property price bubble burst through lucrative investments in the manufacturing sector. The company becamr a major competitor on 1946 when it registered on the La Rochelle Stock Exchange, leveraging its assets which had increased in value and its loans which were accruing interest to raisr capital for a major expansion. Its commercial services boomed and its focus on the manufacturing sector shifted.
It began offering services all over Aurora, retaning a focus on manufacturing. In a rather interesting and savvy move, it opened a branch office in Aeternum, a city in Caltharus, to exploit its proximity to Ferrus Industries. Unlike the commercial-banking dependent Standard National Bank, it thrived during The Auroran Imperial War, providing funds to arms manufacturing industries which were bolstered by war.
The bank's growth, while slow in from the 1980's to 2015 has been consistent. From 2015 onwards arms industries experienced rapid growth. The bank capitalised on this process of growth. It reached its zenith during the Auroran-Pacific War, a major international conflict that expanded arms manufacturing five-fold. It continues to enjoy the benefits of lucrative contracts, investments, acquisitions and profits, so much so that it owns 23% of Standard National Bank and eclipsed the latter's revenues in late 2017, gaining revenues of SH$2.345 billion or OA$16.415 billion.
