De Surinaamsche Bank

History

Simon Abendanon founded De Surinaamsche Bank (DSB) on 19 January 1865 in Paramaribo, and it opened for business on 18 July 1865 in the home of one of the founders, pending construction of its own building. The Bank’s headquarters remained in Amsterdam though. Abendanon was a captain and court bailiff in Suriname. After the abolition of slavery in 1863, there was a period of monetary chaos and Abendanon saw an opportunity in creating a bank that would issue bank-notes and use the funds to finance trade. After its founding in 1826, the Nederlandsche Handel-Maatschappij issued banknotes. And then between 1828-1848 the West-Indische Bank issued banknotes for the Dutch West Indies.

The next organizational landmark occurred in 1948 when Nederlandsche Handel-Maatschappij acquired DSB. Three years later, Nederlandsche Handel-Maatschappij, which owned all the shares of DSB, transferred DSB’s headquarters to Paramaribo. At this point DSB stopped producing banknotes, but remained the primary banking institution in Suriname. In 1957 DSB formally gave up its right to issue notes to the newly formed Central Bank of Suriname.

In 1964, Nederlandsche Handel-Maatschappij merged with De Twentsche Bank to form Algemene Bank Nederland (ABN), and the ownership of DSB transferred to the new bank. However, in 1977, the government of the Surinam Republic nostrified DSB. The government took 10% of the shares and required that the bank sell 41% to the public. ABN retained a minority position of 49%.

In 2001, ABN AMRO sold its 49% holding in DSB to Assuria N.V.. Assuria already owned 5.6% of DSB so the purchase gave it majority control.