Malaysian Indians Internet Database: Bastianpillai Paul Nicholas

Bastianpillai Paul Nicholas was the first Asian and Indian banker in British Colonial Malaysia, who founded the Oriental Bank of Malaya Limited. B.P Nicholas died on October 20, 1942.

History

B.P. Nicholas arrived in Malaya sometime in 1892 and received his early education in Singapore. He served in various Malayan states in a company called the Federal Engineering Company and had been appointed the accountant of the Penang branch.

After leaving the company, he set up one of the first companies providing financial services in partnership with his friend a Mr Kock, a contractor based in Ipoh, Perak. This financial entrepreneurship was primarily a savings and lending business for expatriate Asians. The partnership was later dissolved and Nicholas's entrepreneurship spirit was not dimmed and he started a business under the name of B.P. Nicholas & Sons Bankers, with an office at Mountbatten Road, Kuala Lumpur.

He gradually built up his business with hard work and a good reputation and later introduced his eldest son Edwin and the other sons in turn to learn the business under him from junior positions upwards. When this family savings and lending business (including pawnbroking) had been consolidated to a point where it could be registered under statute as a bank with Issued Capital and Limited Liability, he incorporated it under the name of The Bank of Malaya Limited on December 31, 1936 that was capitalised at $180,000. The bank held its first meeting on January 9, 1937. Considering the times, he was a man of vision.

The main activity of the business was focused on handling remittances by the members of the expatriate Ceylon Tamil community of that time working in Malaya in clerical and administrative positions in Government and Mercantile establishments, who wanted to send money regularly to their families in Jaffna, Ceylon (Sri Lanka). He won their trust and support with reliability and friendship and they in turn gave the bank their firm and solid support. In order to facilitate these remittances and to provide better service, he later acquired the Bank of Jaffna in Sri Lanka in 1938.

In its second year of operation, the Bank of Malaya actually reported a net profit of $16,085. In late 1938, the bank was advised by the government to change its name to the Oriental Bank of Malaya Limited. The crucial reason being the British banks were unhappy over the use of the original name as it may have appeared to elevate the status of the bank as the "Bank of Malaya" to that of a Reserve bank in some people's eyes and could have helped attract business, not only from the Tamil community but also from some established local businessmen.

BP Nicholas was highly respected by both the British and Malayans of different races in the country. This will explain why his name got mentioned in the illustrious compendium of the Who’s Who. For an Asian to be given a respectable nine line mention during the Colonial reign reaffirmed that even the British establishment found him an admirable person to be recognised and respected for his achievements and services. His bold enterprising spirit has pervaded his grandchildren and his great grand children who have forged burgeoning professional careers in Malaysia, the United Kingdom, Canada and Australia.