Qiao Zhiyong

During the management of Qiao Zhiyong the Qiao family business reached its golden age. His pursuit of principles like being industrious, modest and generous certainly had a favorable impact on business affairs and relations. Although Zhiyong was initially involved predominately in tea business, soon he realized that the greater potential was lying in remittance business which became the core activity. Zhiyong was thus credited with being the founder of Dadetong Bank. During the economic instability in the country that was caused by increased military expenditures because of the Taiping Rebellion and the Second Opium War, government sought loans from private banks to overcome financial difficulties. The Dadetong Bank of Qiao Zhiyong was therefore an important supporter of the government and country in these difficult times.