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The Nederlandsch-Indische Escompto Maatschappij (NIEM, ) was a significant Dutch bank, founded in 1857 in
Batavia, Dutch East Indies Batavia was the capital of the Dutch East Indies. The area corresponds to present-day Jakarta, Indonesia. Batavia can refer to the city proper or its suburbs and hinterland, the Ommelanden, which included the much-larger area of the Residency ...
. In the first half of the 20th century, it was the smallest of the “big three” commercial banks, behind the Netherlands Trading Society and the
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” commerci ...
, that dominated the Dutch East Indies’ financial system alongside the note-issuing
Bank of Java The Bank of Java (DJB, for ) was a note-issuing bank in the Dutch East Indies, founded in 1828 and nationalized in 1951 by the government of Indonesia to become the newly independent country’s central bank, later renamed Bank Indonesia. For mo ...
. In 1949, following
Indonesian independence The Proclamation of Indonesian Independence ( id, Proklamasi Kemerdekaan Indonesia, or simply ''Proklamasi'') was read at 10:00 on Friday, 17 August 1945 in Jakarta. The declaration marked the start of the diplomatic and armed resistance of t ...
, its name was changed to Escomptobank. Its main operations in
Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
were nationalized in 1958, and later integrated into
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 March 2021, were IDR 1.58 quadrillion (around US$110.56 billion). As ...
. Its residual Dutch operations went through multiple restructurings and mergers, and count among the many predecessor entities of
ABN AMRO ABN or abn may refer to: Companies * ABN AMRO Group, a Dutch bank group * ABN AMRO, sometimes referred to as "ABN" in shorthand, is a Dutch state-owned bank * Algemene Bank Nederland, a now-defunct Dutch bank Radio, news and television organiza ...
.


Creation and development in the Dutch East Indies

The NIEM was founded in 1857 by Paulus Tiedeman Jr. and , initially as a subsidiary of their Tiedeman & van Kerchem partnership. It was only the second private financial institution (after the
Bank of Java The Bank of Java (DJB, for ) was a note-issuing bank in the Dutch East Indies, founded in 1828 and nationalized in 1951 by the government of Indonesia to become the newly independent country’s central bank, later renamed Bank Indonesia. For mo ...
, established in 1828) from which merchants and traders in the Dutch East Indies could receive credit, as the Netherlands Trading Society had not yet become a bank by then. It engaged into no activities other than commercial banking, providing credit to trade and industry, and unlike other local players, did not extend long-term agricultural loans. For that reason, the agricultural crisis of 1884 hardly affected the NIEM. The NIEM remained small until 1888, then started to grow rapidly. In late 1901, the NIEM's shareholders decided to move away from the original partnership model. Jan Dinger left the partnership, in which he had joined Tiedeman and van Kerchem, and formed the NIEM's first management board together with Ede Abraham Zeilinga. In addition to its Batavia head office, the NIEM opened branches from the early 20th century in
Bandung Bandung ( su, ᮘᮔ᮪ᮓᮥᮀ, Bandung, ; ) is the capital city of the Indonesian province of West Java. It has a population of 2,452,943 within its city limits according to the official estimates as at mid 2021, making it the fourth mos ...
, Buitenzorg (now
Bogor Bogor ( su, , nl, Buitenzorg) is a city in the West Java province, Indonesia. Located around south of the national capital of Jakarta, Bogor is the 6th largest city in the Jakarta metropolitan area and the 14th overall nationwide.Cirebon Cirebon (, formerly rendered Cheribon or Chirebon in English) is a port city on the northern coast of the Indonesian island of Java. It is the only coastal city of West Java, located about 40 km west of the provincial border with Central Ja ...
,
Yogyakarta Yogyakarta (; jv, ꦔꦪꦺꦴꦒꦾꦏꦂꦠ ; pey, Jogjakarta) is the capital city of Special Region of Yogyakarta in Indonesia, in the south-central part of the island of Java. As the only Indonesian royal city still ruled by a monarchy, ...
,
Makassar Makassar (, mak, ᨆᨀᨔᨑ, Mangkasara’, ) is the capital of the Indonesian province of South Sulawesi. It is the largest city in the region of Eastern Indonesia and the country's fifth-largest urban center after Jakarta, Surabaya, ...
,
Magelang Magelang () is one of six cities in Central Java that are administratively independent of the regencies in which they lie geographically. Each of these cities is governed by a mayor rather than a ''bupati''. Magelang city covers an area of 18. ...
, Malang,
Medan Medan (; English: ) is the capital and largest city of the Indonesian province of North Sumatra, as well as a regional hub and financial centre of Sumatra. According to the National Development Planning Agency, Medan is one of the four ma ...
,
Manado Manado () is the capital city of the Indonesian province of North Sulawesi. It is the second largest city in Sulawesi after Makassar, with the 2020 Census giving a population of 451,916 distributed over a land area of 162.53 km2.Badan Pu ...
,
Padang Padang () is the capital and largest city of the Indonesian province of West Sumatra. With a Census population of 1,015,000 as of 2022, it is the 16th most populous city in Indonesia and the most populous city on the west coast of Sumatra. Th ...
,
Palembang Palembang () is the capital city of the Indonesian province of South Sumatra. The city proper covers on both banks of the Musi River on the eastern lowland of southern Sumatra. It had a population of 1,668,848 at the 2020 Census. Palemban ...
,
Semarang Semarang ( jv, ꦏꦸꦛꦯꦼꦩꦫꦁ , Pegon: سماراڠ) is the capital and largest city of Central Java province in Indonesia. It was a major port during the Dutch colonial era, and is still an important regional center and port today. ...
,
Sibolga Sibolga (formerly sometimes Siboga) is a city and a port located in the natural harbor of Sibolga Bay on the west coast of North Sumatra province, in Indonesia. It is located on the western side of North Sumatra, facing the Indian Ocean and is ...
,
Surabaya Surabaya ( jv, ꦱꦸꦫꦧꦪ or jv, ꦯꦹꦫꦨꦪ; ; ) is the capital city of the Indonesian province of East Java and the second-largest city in Indonesia, after Jakarta. Located on the northeastern border of Java island, on the Mad ...
, and
Weltevreden Weltevreden may refer to: * Sawah Besar, a subdistrict of Central Jakarta, Indonesia, the core of the larger colonial district of Weltevreden in Batavia, Java *Weltevreden, Java, a district in the Dutch East Indies, consisting parts of the modern-d ...
(now
Sawah Besar Sawah Besar is a district (''kecamatan'') of Central Jakarta, Indonesia. Its neighborhoods are among the most historic, containing the 1820-established Pasar Baru ("New Market"), the new colonial city – Weltevreden – and the old cours ...
,
Central Jakarta Central Jakarta ( id, Jakarta Pusat) is one of the five administrative cities () which form the Special Capital Region of Jakarta. It had 902,973 inhabitants according to the 2010 censusBiro Pusat Statistik, Jakarta, 2011. and 1,056,896 at the ...
). It also opened branches in
Amsterdam Amsterdam ( , , , lit. ''The Dam on the River Amstel'') is the Capital of the Netherlands, capital and Municipalities of the Netherlands, most populous city of the Netherlands, with The Hague being the seat of government. It has a population ...
in 1910, at 575
Keizersgracht The Keizersgracht (; "Emperor's canal") is a canal in Amsterdam, the Netherlands. It is the second of the three main Amsterdam canals that together form the Grachtengordel, or canal belt, and lies between the inner Herengracht and outer Prinsengr ...
(which it kept until 1960), and in
The Hague The Hague ( ; nl, Den Haag or ) is a list of cities in the Netherlands by province, city and municipalities of the Netherlands, municipality of the Netherlands, situated on the west coast facing the North Sea. The Hague is the country's ad ...
. In 1912 the NIEM created a securities affiliate, the , which it fully took over in 1921. The bank was severely affected by the financial crisis in 1931. Under the
Japanese occupation of the Dutch East Indies The Empire of Japan occupied the Dutch East Indies (now Indonesia) during World War II from March 1942 until after the end of the war in September 1945. It was one of the most crucial and important periods in modern Indonesian history. In Ma ...
during
World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the World War II by country, vast majority of the world's countries—including all of the great power ...
, the occupation authorities first closed all Dutch and other Western banks in March 1942, starting with the
Bank of Java The Bank of Java (DJB, for ) was a note-issuing bank in the Dutch East Indies, founded in 1828 and nationalized in 1951 by the government of Indonesia to become the newly independent country’s central bank, later renamed Bank Indonesia. For mo ...
, and sequestered them to seize as much as possible of their assets. Among the three largest commercial banks, the Japanese authorities determined that the Netherlands Trading Society had assets of more than 280 million
Dutch guilder The guilder ( nl, gulden, ) or florin was the currency of the Netherlands from the 15th century until 2002, when it was replaced by the euro. The Dutch name ''gulden'' was a Middle Dutch adjective meaning "golden", and reflects the fact that, wh ...
s, the
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” commerci ...
had 158 million, and the NIEM had 99 million. Of these, the Japanese occupiers were able to seize 27 million guilders in total. The banks could only reopen after the surrender of Japan in the late summer of 1945.


Indonesian independence and aftermath

In 1949, the NIEM changed its name to Escomptobank, but remained headquartered in Jakarta. In 1958, however, its operations in Indonesia were nationalized, and became part of , which in 1999 merged with there other state-owned banks, , , and , to form
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 March 2021, were IDR 1.58 quadrillion (around US$110.56 billion). As ...
. As a consequence, most former NIEM properties in Indonesia became branches of Bank Mandiri. The remaining operations, assets and claims in the Netherlands were restructured as Nedesco Bank, whose business activities were acquired in 1960 by the Nederlandse Overzee Bank. In 1969, the Nederlandse Overzee Bank in turn merged with Mees & Hope, which in 1975 was acquired by Algemene Bank Nederland. ABN then merged with AMRO Bank to form
ABN AMRO ABN or abn may refer to: Companies * ABN AMRO Group, a Dutch bank group * ABN AMRO, sometimes referred to as "ABN" in shorthand, is a Dutch state-owned bank * Algemene Bank Nederland, a now-defunct Dutch bank Radio, news and television organiza ...
in 1991, and in 1992 Mees & Hope subsequently merged with AMRO's investment banking arm, Pierson Heldring & Pierson, to form MeesPierson. In 1997, MeesPierson was acquired by Fortis Group, then nationalized in 2008 by the Dutch government together with Fortis Bank Nederland, which in 2009 was again renamed
ABN AMRO ABN or abn may refer to: Companies * ABN AMRO Group, a Dutch bank group * ABN AMRO, sometimes referred to as "ABN" in shorthand, is a Dutch state-owned bank * Algemene Bank Nederland, a now-defunct Dutch bank Radio, news and television organiza ...
.


Gallery

File:Keizersgracht 573.JPG, Keizersgracht 573 in Amsterdam File:COLLECTIE TROPENMUSEUM Kantoor van de Nederlandsch Indische Escompto Maatschappij in Batavia TMnr 10015469.jpg, Main office in Batavia, interwar period File:COLLECTIE TROPENMUSEUM Kantoor van de Nederlandsch Indische Escompto Maatschappij in Weltevreden Batavia TMnr 10015470.jpg, Branch office in
Weltevreden Weltevreden may refer to: * Sawah Besar, a subdistrict of Central Jakarta, Indonesia, the core of the larger colonial district of Weltevreden in Batavia, Java *Weltevreden, Java, a district in the Dutch East Indies, consisting parts of the modern-d ...
, now
Sawah Besar Sawah Besar is a district (''kecamatan'') of Central Jakarta, Indonesia. Its neighborhoods are among the most historic, containing the 1820-established Pasar Baru ("New Market"), the new colonial city – Weltevreden – and the old cours ...
,
Central Jakarta Central Jakarta ( id, Jakarta Pusat) is one of the five administrative cities () which form the Special Capital Region of Jakarta. It had 902,973 inhabitants according to the 2010 censusBiro Pusat Statistik, Jakarta, 2011. and 1,056,896 at the ...
File:KITLV A34 - Het pand van de Nederlandsch-Indische Escompto Maatschappij te Bandoeng, KITLV 77968.tiff, Branch office in
Bandung Bandung ( su, ᮘᮔ᮪ᮓᮥᮀ, Bandung, ; ) is the capital city of the Indonesian province of West Java. It has a population of 2,452,943 within its city limits according to the official estimates as at mid 2021, making it the fourth mos ...
,
West Java West Java ( id, Jawa Barat, su, ᮏᮝ ᮊᮥᮜᮧᮔ᮪, romanized ''Jawa Kulon'') is a province of Indonesia on the western part of the island of Java, with its provincial capital in Bandung. West Java is bordered by the province of Bante ...
1930s File:Bank Mandiri (27413369695).jpg, The same building in 2014, a branch of
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 March 2021, were IDR 1.58 quadrillion (around US$110.56 billion). As ...
File:KITLV A1034 - Kantoor van de Nederlands Indische Escompto Maatschappij te Sibolga, KITLV 153261.tiff, Branch office in
Sibolga Sibolga (formerly sometimes Siboga) is a city and a port located in the natural harbor of Sibolga Bay on the west coast of North Sumatra province, in Indonesia. It is located on the western side of North Sumatra, facing the Indian Ocean and is ...
,
North Sumatra North Sumatra ( id, Sumatra Utara) is a province of Indonesia located on the northern part of the island of Sumatra. Its capital and largest city is Medan. North Sumatra is Indonesia's fourth most populous province after West Java, East Java ...
File:COLLECTIE TROPENMUSEUM Kantoor van de Nederlandsch Indische Escompto Maatschappij in Bandjermasin TMnr 10015456.jpg, Branch office in
Banjarmasin ) , translit_lang1 = Other , translit_lang1_type1 = Jawi , translit_lang1_info1 = بنجر ماسين , settlement_type = City , motto = ''Kayuh Baimbai'' ( Banjare ...
,
South Kalimantan South Kalimantan ( id, Kalimantan Selatan) is a province of Indonesia. It is the smallest province in Kalimantan, the Indonesian territory of Borneo. The provincial capital was Banjarmasin until 15 February 2022 when it was legally moved to B ...


See also

*
Bank of Java The Bank of Java (DJB, for ) was a note-issuing bank in the Dutch East Indies, founded in 1828 and nationalized in 1951 by the government of Indonesia to become the newly independent country’s central bank, later renamed Bank Indonesia. For mo ...
* Netherlands Trading Society *
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” commerci ...
*
Nederlandsch-Indische Levensverzekerings en Lijfrente Maatschappij The Nederlandsch-Indische Levensverzekerings en Lijfrente Maatschappij (NILLMIJ, ) was a major Dutch insurance business with substantial operations in the Dutch East Indies and in the Netherlands. After Indonesia became independent, its operati ...
* Japanese government-issued currency in the Dutch East Indies


Notes

{{reflist Defunct banks of the Netherlands ABN AMRO Colonial architecture in Jakarta Dutch colonial architecture in Indonesia Defunct companies of the Dutch East Indies