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The Netherlands Trading Society ( or NHM) was a Dutch trading and financial company, established in 1824, in
The Hague The Hague ( ) is the capital city of the South Holland province of the Netherlands. With a population of over half a million, it is the third-largest city in the Netherlands. Situated on the west coast facing the North Sea, The Hague is the c ...
by King William I to promote and develop trade, shipping and agriculture. For the next 140 years the NHM developed a large international branch network and increasingly engaged in banking operations. In 1964, it merged with Twentsche Bank to form Algemene Bank Nederland, itself a predecessor of ABN AMRO.


History

The NHM was a private company which issued publicly traded shares. According to the king, the NHM would act to leverage economic activity and encourage the development of national wealth. However, in practice it came down to expanding existing trade, by gathering data and searching for new markets as well as financing industry and shipping. Its close association with the Dutch government meant it played an important role in the development of trade between the Netherlands and the
Dutch East Indies The Dutch East Indies, also known as the Netherlands East Indies (; ), was a Dutch Empire, Dutch colony with territory mostly comprising the modern state of Indonesia, which Proclamation of Indonesian Independence, declared independence on 17 Au ...
. Its former headquarters in De Bazel in Amsterdam houses the Amsterdam Archives today. The NHM is sometimes called the successor of the
Dutch East India Company The United East India Company ( ; VOC ), commonly known as the Dutch East India Company, was a chartered company, chartered trading company and one of the first joint-stock companies in the world. Established on 20 March 1602 by the States Ge ...
or VOC, as it was also a private company that issued shares and financed trade with the Dutch East Indies. The establishment of the NHM can be seen as an attempt to bring new impetus to trade with the Dutch East Indies after the depression of the years of French domination (1795–1814), and the final collapse of the VOC two decades earlier. With playful reference to the greatness of the VOC, the NHM was colloquially known as or the "little company". The NHM financing of trade and shipping led to the development of a network of branches which increasingly engaged in financing and banking operations. The network extended throughout South East Asia and on the trade routes between the Netherlands and the Dutch East Indies and the NHM continued to extend its network into the 20th century. It lost a number of its branches when the Indonesian government nationalised them in 1960 to form a new locally owned bank, but by then had branches in many other parts of the world.


Time line

*1824: King William I created the Nederlandsche Handel-Maatschappij (NHM) by Royal Decree to revive trade between the Netherlands and the
Netherlands East Indies The Dutch East Indies, also known as the Netherlands East Indies (; ), was a Dutch Empire, Dutch colony with territory mostly comprising the modern state of Indonesia, which Proclamation of Indonesian Independence, declared independence on 17 Au ...
. *1826: NHM opened an office in Batavia (now
Jakarta Jakarta (; , Betawi language, Betawi: ''Jakartè''), officially the Special Capital Region of Jakarta (; ''DKI Jakarta'') and formerly known as Batavia, Dutch East Indies, Batavia until 1949, is the capital and largest city of Indonesia and ...
), known as *1858: NHM opened a branch in
Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...
*1870s: NHM expands its overseas activities into banking *1888: NHM opened a branch in
Penang Penang is a Malaysian state located on the northwest coast of Peninsular Malaysia along the Strait of Malacca. It has two parts: Penang Island, where the capital city, George Town, is located, and Seberang Perai on the Malay Peninsula. Th ...
*1902: NHM starts banking operations in the Netherlands *1906: NHM opened a branch in
Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...
Eastern Daily Mail (8 Mar 1906)
/ref> *1920: NHM opened branches in
Bombay Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian States and union territories of India, state of Maharashtra. Mumbai is the financial centre, financial capital and the list of cities i ...
(
Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...
) and
Calcutta Kolkata, also known as Calcutta (List of renamed places in India#West Bengal, its official name until 2001), is the capital and largest city of the Indian States and union territories of India, state of West Bengal. It lies on the eastern ba ...
(
Kolkata Kolkata, also known as Calcutta ( its official name until 2001), is the capital and largest city of the Indian state of West Bengal. It lies on the eastern bank of the Hooghly River, west of the border with Bangladesh. It is the primary ...
) primarily to work with clients in the
diamond Diamond is a Allotropes of carbon, solid form of the element carbon with its atoms arranged in a crystal structure called diamond cubic. Diamond is tasteless, odourless, strong, brittle solid, colourless in pure form, a poor conductor of e ...
business *1926: NHM opened a branch in
Jeddah Jeddah ( ), alternatively transliterated as Jedda, Jiddah or Jidda ( ; , ), is a List of governorates of Saudi Arabia, governorate and the largest city in Mecca Province, Saudi Arabia, and the country's second largest city after Riyadh, located ...
,
Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...
. Known later as the Saudi Hollandi Bank (currently
Alawwal Bank The Alawwal Bank (), previously known as Saudi Hollandi Bank, was a Saudi Arabian bank based in Riyadh, Saudi Arabia. It was the first operating bank in the Kingdom of Saudi Arabia and was founded in 1926 as a branch of the Netherlands Trading ...
), it was the first, and until 1948 the only,
commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...
in the Kingdom. The branch existed to serve the needs of Indonesian Muslims coming to perform
Hajj Hajj (; ; also spelled Hadj, Haj or Haji) is an annual Islamic pilgrimage to Mecca, Saudi Arabia, the holiest city for Muslims. Hajj is a mandatory religious duty for capable Muslims that must be carried out at least once in their lifetim ...
, the
pilgrimage A pilgrimage is a travel, journey to a holy place, which can lead to a personal transformation, after which the pilgrim returns to their daily life. A pilgrim (from the Latin ''peregrinus'') is a traveler (literally one who has come from afar) w ...
to
Mecca Mecca, officially Makkah al-Mukarramah, is the capital of Mecca Province in the Hejaz region of western Saudi Arabia; it is the Holiest sites in Islam, holiest city in Islam. It is inland from Jeddah on the Red Sea, in a narrow valley above ...
*1934: Financial restructuring; NHM reduces its capital by 75 percent *1936: NHM initiates a retail presence in the Netherlands beyond its previous branches in Amsterdam, The Hague, and Rotterdam, by acquiring the Guelders Credit Union () *1941: NHM opened an agency in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
*1948: NHM opened a branch in
Karachi Karachi is the capital city of the Administrative units of Pakistan, province of Sindh, Pakistan. It is the List of cities in Pakistan by population, largest city in Pakistan and 12th List of largest cities, largest in the world, with a popul ...
to become the first foreign bank to receive a banking license from the new government of
Pakistan Pakistan, officially the Islamic Republic of Pakistan, is a country in South Asia. It is the List of countries and dependencies by population, fifth-most populous country, with a population of over 241.5 million, having the Islam by country# ...
*1949: NHM acquired De Surinaamsche Bank *1951: NHM opened branches in
Mombasa Mombasa ( ; ) is a coastal city in southeastern Kenya along the Indian Ocean. It was the first capital of British East Africa, before Nairobi was elevated to capital status in 1907. It now serves as the capital of Mombasa County. The town is ...
(
Kenya Kenya, officially the Republic of Kenya, is a country located in East Africa. With an estimated population of more than 52.4 million as of mid-2024, Kenya is the 27th-most-populous country in the world and the 7th most populous in Africa. ...
), and Dar-es-Salaam ( Tanganyika) *1954: NHM opened a branch in
Beirut Beirut ( ; ) is the Capital city, capital and largest city of Lebanon. , Greater Beirut has a population of 2.5 million, just under half of Lebanon's population, which makes it the List of largest cities in the Levant region by populatio ...
(
Lebanon Lebanon, officially the Republic of Lebanon, is a country in the Levant region of West Asia. Situated at the crossroads of the Mediterranean Basin and the Arabian Peninsula, it is bordered by Syria to the north and east, Israel to the south ...
), and one in
Kampala Kampala (, ) is the Capital city, capital and largest city of Uganda. The city proper has a population of 1,875,834 (2024) and is divided into the five political divisions of Kampala Central Division, Kampala, Kawempe Division, Kawempe, Makindy ...
(
Uganda Uganda, officially the Republic of Uganda, is a landlocked country in East Africa. It is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the ...
) *1959: The Indonesian government nationalized NHM's plantations *1960: The Indonesian government nationalized NHM's banking operations into ''Bank Ekspor Impor Indonesia'', later
Bank Mandiri PT Bank Mandiri (Persero) Tbk or Bank Mandiri, headquartered in Jakarta, is the largest bank in Indonesia in terms of assets, loans and deposits. Total assets as of 2022, were 1.992 Trillion rupiah (around US$133 Billion). As of 2022, Bank Man ...
*1963: NHM set up its
Malaysia Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...
n head office in
Kuala Lumpur Kuala Lumpur (KL), officially the Federal Territory of Kuala Lumpur, is the capital city and a Federal Territories of Malaysia, federal territory of Malaysia. It is the largest city in the country, covering an area of with a census population ...
*1964: NHM merged with De Twentsche Bank to form Algemene Bank Nederland (ABN)


Buildings

The building at Vijzelstraat 32 in
Amsterdam Amsterdam ( , ; ; ) is the capital of the Netherlands, capital and Municipalities of the Netherlands, largest city of the Kingdom of the Netherlands. It has a population of 933,680 in June 2024 within the city proper, 1,457,018 in the City Re ...
known today as " De Bazel"is named after its architect Karel de Bazel. It was originally built in 1919–1926 for the NHM and it is decorated with many details reminiscent of Indonesia, most notably the brickwork, which earned the building the nickname " spekkoek" It was later repurposed as the Amsterdam Archives. File:HOFDIJK (1860) HET GEBOUW DER HANDELMAATSCHAPPIJ.jpg, NHM head office building in Amsterdam, 1860, at Heerengracht 466 File:Amsterdam - Herengracht 466.JPG, The same building in 2011 File:Gebouw de Bazel.jpg, " De Bazel", built in 1919-1926 File:Rotterdam blaak34.jpg, Former NHM branch in
Rotterdam Rotterdam ( , ; ; ) is the second-largest List of cities in the Netherlands by province, city in the Netherlands after the national capital of Amsterdam. It is in the Provinces of the Netherlands, province of South Holland, part of the North S ...
, now Blaak House office center File:Den Haag - Kneuterdijk 1.JPG, Former NHM branch in
The Hague The Hague ( ) is the capital city of the South Holland province of the Netherlands. With a population of over half a million, it is the third-largest city in the Netherlands. Situated on the west coast facing the North Sea, The Hague is the c ...
, now File:COLLECTIE TROPENMUSEUM Luchtfoto van het gebouw van de NHM in Djakarta Kota TMnr 60054793.jpg, NHM branch in Jakarta, circa 1955 File:Museum Bank Mandiri - panoramio.jpg, The same building in 2017, as Mandiri Museum File:COLLECTIE TROPENMUSEUM Filiaal van de factorij van de NHM langs de Molenvliet in Noordwijk Batavia TMnr 10015447.jpg, NHM branch in Weltevreden, Batavia (now Sawah Besar, Central Jakarta) File:COLLECTIE TROPENMUSEUM Kantoor van de Nederlandse Handelsmaatschappij in Soerabaja Oost-Java. TMnr 60007982.jpg, NHM branch in
Surabaya Surabaya is the capital city of East Java Provinces of Indonesia, province and the List of Indonesian cities by population, second-largest city in Indonesia, after Jakarta. Located on the northeastern corner of Java island, on the Madura Strai ...
,
East Java East Java (, , ) is a Provinces of Indonesia, province of Indonesia located in the easternmost third of Java island. It has a land border only with the province of Central Java to the west; the Java Sea and the Indian Ocean border its northern ...
File:COLLECTIE TROPENMUSEUM Kantoor van de NHM aan de Cremerweg TMnr 10015337.jpg, NHM branch in Medan,
North Sumatra North Sumatra () is a Provinces of Indonesia, province of Indonesia located in the northern part of the island of Sumatra. Its capital and largest city is Medan on the east coast of the island. It borders Aceh to the northwest, Riau to the sou ...
File:COLLECTIE TROPENMUSEUM Handelskantoor (Nederlandsche Handels Maatschappij) te Semarang TMnr 10014765.jpg, NHM branch in
Semarang Semarang (Javanese script, Javanese: , ''Kutha Semarang'') is the capital and largest city of Central Java province in Indonesia. It was a major port during the Netherlands, Dutch Dutch East Indies, colonial era, and is still an important regio ...
,
Central Java Central Java (, ) is a Provinces of Indonesia, province of Indonesia, located in the middle of the island of Java. Its administrative capital is Semarang. It is bordered by West Java in the west, the Indian Ocean and the Special Region of Yogya ...
File:Beach Street Penang Dec 2006 002.jpg, Former NHM branch in
Penang Penang is a Malaysian state located on the northwest coast of Peninsular Malaysia along the Strait of Malacca. It has two parts: Penang Island, where the capital city, George Town, is located, and Seberang Perai on the Malay Peninsula. Th ...
,
Malaysia Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...
File:Tcitp d126 netherlands trading society.jpg, NHM branch in Queen's Building,
Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...
, 1908 File:Carlowitz & Co..JPG, Former NHM branch in
Shanghai Shanghai, Shanghainese: , Standard Chinese pronunciation: is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the ...
from 1919 to 1951, previously office of German trading house Carlowitz & Co. expropriated in 1917


See also

* Bank Indonesia, formerly Bank of Java *
Nederlandsch-Indische Handelsbank The ''Nederlandsch-Indische Handelsbank'' (NIHB, ) was a Dutch bank established in 1863 to finance trade between the Netherlands and the Dutch East Indies. During most of the colonial period, it was the second-largest of the “big three” comm ...
*
Nederlandsch-Indische Escompto Maatschappij The ''Nederlandsch-Indische Escompto Maatschappij'' (NIEM, ) was a significant Dutch bank, founded in 1857 in Batavia, Dutch East Indies. In the first half of the 20th century, it was the smallest of the “big three” commercial banks, behind ...
* Nederlandsch-Indische Levensverzekerings en Lijfrente Maatschappij *
HSBC HSBC Holdings plc ( zh, t_hk=滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business li ...
* Banque de l'Indochine


References


External links

* {{Authority control Defunct banks of the Netherlands History of banking Banks established in 1824 Banks disestablished in 1964 ABN AMRO 1824 establishments in the Netherlands