Chairman Hu Jixing, Lv Xuepu and Li Fusun spoke successively, while general managers Li Fusun and Chen Duoru spoke successively. The head office of the Bank was originally located in Hangzhou, and 1923 was changed to Shanghai. After the liberation of Shanghai, Li Fusun, the chairman of the bank, founded Zhejiang No.1 Commercial Bank in Hong Kong on 1950.

1950, Li Fusun imitated Chen Guangfu's method and founded another Shanghai bank in Hong Kong. Zhejiang No.1 Bank is established in Hong Kong alone and has nothing to do with Zhejiang Industrial Bank and Zhejiang No.1 Commercial Bank in China.