When a bank takes custody of other people's money, they have to sign a contract and are not allowed to touch their money. They pay the bank a custody fee.
Any smart person would have thought of this method of absorbing a large amount of deposits, paying them interest, and then using the money they absorbed to invest, which is to use other people's money to do business.
But this mode of operation is difficult!
Banknotes from one firm are not circulated as those from other firms, and many people doing business need real money!
The transportation industry in ancient times was underdeveloped, and transporting large amounts of money was prone to accidents.
During the last disaster relief operation in the south, the imperial capital transported hundreds of thousands of taels of silver, but it fell into the river halfway!
It’s because banknotes are not in circulation!
Moreover, in small cities, banknotes are basically not used. Common people use copper coins and broken silver. Some people have never seen a banknote in their lives!
Banknotes are provided to large customers and large merchants.
How could those big merchants let you invest their money? I asked you to keep the money and pay you a storage fee, but now you are stealing my money and doing business?
If you use my money to do business, what will you do if you lose? If the bank goes bankrupt, who should I go to?
Therefore, the reputation of a bank is very important. Once it loses its credibility, who will dare to deposit money with you?
Therefore, if other banks want to take this step, it will not work!
Fang Chen is different. He saves money here not only for big merchants, but also for everyone!
There is support from the imperial court and treasury, so what are you afraid of?
Bai Yongliang also thought about suppressing the factory run by Fang Chen now, but he gave up again.
"Let's just wait and see what happens. After Fang Chen's bank starts operating, we will see his results and intentions. Then we can make plans."
Shopping malls are originally battlefields. It is a war without gunpowder and is very scary.
Fang Chen established the bank because he came to Tongtian Chamber of Commerce. Bai Yongliang will definitely put all his attention on Dayan Bank.
So, ten days later, the first bank opened by the imperial court, Dayan Bank, cut the ribbon and opened for business!
The location of the bank was the residence of Zhang Yu, the former Minister of the Ministry of Revenue!
This mansion is located in a prosperous area of the imperial capital. The decoration of the mansion is very luxurious and covers an area of hundreds of acres. It can be used ready-made just by changing the gatehouse.
The person in charge of the bank is the Minister of Household Affairs and officials from the Household Department. In fact, the real person in charge behind the scenes, the boss, is Fang Chen!
Fang Chen cut the ribbon with everyone.
The sound of firecrackers continued and the gongs and drums were noisy.
One pair after another, the lion dance team happily welcomes everyone.
Officials from various parties and a large number of merchants came to congratulate.
"Shenlong Chamber of Commerce, give me a piece of bronze!"
"Tongtian Chamber of Commerce, give me a luminous pearl!"
Businessmen of all sizes near the imperial capital came to congratulate them. Fang Chen hosted a thousand banquets in the courtyard to entertain distinguished guests!
The Shenlong Chamber of Commerce and the Tongtian Chamber of Commerce also came.
The one who came from the Shennong Chamber of Commerce was Jiang Long's daughter Jiang Ruoxue. She brought a bronze vessel and gave it to Fang Chen.
A treasure appraiser immediately recognized it at the scene. The bronze was worth more than one million taels, and it was a rare treasure!
When everyone knew the value of the bronze, they all took a breath of cold air.
The Shenlong Chamber of Commerce is indeed the first chamber of commerce in northern Saibei, and it spends a lot of money!
Of course, this also sends a message to everyone. Shenlong Chamber of Commerce must know Fang Chen, otherwise they would not send such a precious treasure!
Bai Yongliang, president of the Tongtian Chamber of Commerce, came in person, and his congratulatory gift was a white luminous pearl.
After opening the box, the Night Pearl emits bright white light even during the day!
"I spent a lot of money to find this luminous pearl when I was doing business in the Dakang Dynasty. I hope Mr. Fang likes it."
Bai Yongliang briefly introduced.
"What a treasure this is!"
"This luminous pearl is worth at least one million!"
"This is the first time in my life that I have seen such a precious luminous pearl!"
Fang Chen was also very surprised!
This is so rich, you can easily spend millions on it. We are enemies. Is it appropriate for you to give a gift like this?
Bai Yongliang, are you really so kind?
"Thank you for your support..."
Fang Chen thanked Bai Yongliang and Jiang Ruoxue profusely.
There were other large and small chambers of commerce and merchants at the scene, and the gifts they gave ranged from a few hundred taels to tens of thousands of taels.
In short, this is the opening of the imperial bank, and they will definitely come to congratulate it. There is a high probability that they will do business with the bank in the future, so these people are not stingy.
"The Second Prince is here!"
Just then, a real big shot came.
The second prince, Luo Longyu!
All the people present came forward to greet him.
"See the Second Prince!"
Everyone saluted Luo Longyu.
When the imperial bank opens, His Majesty and the Queen will send people to deliver congratulatory gifts.
I just didn’t expect that the second prince Luo Longyu would come in person!
The gift Luo Longyu brought was a calligraphy and painting written by him, which brought him lots of money!
That was mentioned in the prince's own handwriting, and it is priceless!
Fang Chen and the people from the household department thanked Luo Longyu.
"Your Majesty, please come this way!"
"President Bai, Miss Jiang, please!"
The huge courtyard was already filled with banquets. After everyone took their seats, they clinked glasses one after another.
Today’s protagonist is Fang Chen.
Fang Chen toasted to the friends present and thanked them for coming.
Finally, he sat at a table with Luo Longyu, Jiang Ruoxue, Bai Yongliang, and officials from the Ministry of Revenue.
Bai Yongliang said: "Master Fang, I really didn't expect you to be interested in opening a bank. But your business model is very strange. Other banks charge fees for keeping money for customers, but you keep money for customers and give them interest instead."
"You are doing the opposite and doing the opposite. I am really worried that your bank will run into problems before long."
Bai Yongliang's words are a bit inappropriate. The bank is opening today, and you are here to say that there will be problems for them.
However, several big merchants at the wine table also agreed.
"President Bai's words are somewhat inappropriate, but it is true that the advice is harsh to the ears. We are all in business, and we all feel that the business model of Mr. Fang's bank has many disadvantages."
"Yes, this kind of business model is really unprecedented. In the past, there were some small banks, all of which were unscrupulous businessmen. They asked merchants to deposit money and said they would pay interest. Then after depositing a lot of money, the bank took all the merchant's money.
The volume ran away without a trace."
"Master Fang is a disciple of a saint and has such a high reputation that he would never do such a thing. But if the bank is running and there is a problem with the capital chain and he cannot make ends meet, I wonder what Master Fang will do to deal with it?"
Everyone is asking, and they all think that Fang Chen's business model is terrible.
Several people at the wine table spoke, but Jiang Ruoxue sat drinking and did not speak.
Everyone is waiting for Fang Chen's answer.
Fang Chen smiled and threw the question to the Secretary of the Ministry of Finance next to him.
"Your Excellency, this bank was opened by the imperial court, and the Minister is the person in charge. It is up to you, Your Excellency, to answer this question."