Colonial Banks

Colonial Banks

 

banks of imperialist states that had a predominant position in colonial and dependent countries. They were used by the finance capital of the mother countries to enslave and exploit the peoples of colonial countries. The colonial banks were either subsidiaries of large banks of imperialist countries or special credit institutions of foreign states in colonial and dependent countries. Before World War II, Great Britain had 41 colonial banks with 6,500 branches, and France had 40 colonial banks with 708 branches.

By issuing loans to colonies, colonial banks expanded the export of capital and helped to rob colonial peoples. In crediting trade between the mother countries and the colonies, the banks assisted the imperialist bourgeoisie to extort scarce raw materials at a low price from dependent countries and to expand the export of high-priced industrial goods from the mother countries. The disintegration of the imperialist colonial system after World War II undermined the position of the colonial banks.

Imperialism is attempting to adapt the colonial banks to the new situation. Neocolonialism in the banking sphere is manifested as imperialist interference in the efforts to create national credit systems in the young states. In the 1960’s, most colonial banks were reorganized. Bank associations based on the colonial banks were created under a national label. A modernized model of a colonial bank is the Central Bank of the West African States, founded in 1962, in which France has retained a position of control. France appoints one-third of the board of directors, and the bank’s capital is formed through the subsidies of the French treasury. Some international banks also act as colonial banks. For example, the Inter-American Development Bank (founded in 1959) is in fact a US bank using international capital to promote expansion of US monopolies in Latin American countries. The modernized colonial banks support proimperialist puppet regimes and oppose the governments that are struggling to develop along noncapitalist lines.

L. N. KRASAVINA

References in periodicals archive ?
All First Colonial banks are committed to community banking and, while all banks belong to the same holding company, each is managed by its own president with its own board of directors.
Both the Bund, a sweep of former colonial banks and insurance companies, and many of the remaining shikumen courtyard houses have been spared and are being restored.
the "Company") the mid-tier stock holding company for Colonial Bank, FSB (the "Bank") announced the completion of a stock repurchase program that was authorized on October 19, 2006.
Johnson emphasized that neither the FDIC nor any other regulatory agency had found any evidence of discriminatory lending practices at any First Colonial bank including the Avenue Bank.
Colonial Bank, FSB is now 100% owned by Colonial Financial Services and Colonial Financial Services is 100% owned by public stockholders.
the "Mid-Tier") (Nasdaq: COBK), the parent company for Colonial Bank, FSB (the "Bank"), announced today that the Boards of Directors of Colonial Bankshares, MHC (the "MHC"), the Mid-Tier and the Bank have unanimously adopted a Plan of Conversion and Reorganization (the "Plan of Conversion") pursuant to which the Bank will reorganize from the two-tier mutual holding company to the stock holding company structure and will undertake a "second-step" offering of new shares of common stock.
the "Company") the mid-tier stock holding company for Colonial Bank, FSB (the "Bank") announced net income of $370 thousand, or $0.
the "Company") the mid-tier stock holding company for Colonial Bank, FSB (the "Bank") announced corrections to selected balance sheet data that was released on July 24, 2008.
Colonial Bank conducts business from its headquarters and main office in Vineland, New Jersey as well as six offices located in Cumberland and Gloucester Counties in Southern New Jersey and its operating subsidiary, CB Delaware Investments, Inc.
the "Company") the mid-tier stock holding company for Colonial Bank, FSB (the "Bank") announced today that on Thursday, March 20, 2008, the Board of Directors authorized the repurchase of up to 100,454 shares, or 5% of the outstanding common stock held by persons other than Colonial Bankshares, MHC.
the "Company") the mid-tier stock holding company for Colonial Bank, FSB (the "Bank") announced today that it has revised its results for the quarter and year ended December 31, 2007.
Colonial Bank conducts business from its headquarters and main office in Bridgeton, New Jersey as well as five offices located in Cumberland and Gloucester Counties in Southern New Jersey and its operating subsidiary, CB Delaware Investments, Inc.