russell & co. refused to join the hongkong and shanghai banking corporation when was first formed in 1866, as russells' main rival in shipping, the augustine heard & co. was one of the largest shareholders of the new bank, similar to the jardines' attitude as its major rival dent & co. was on the board and its chairman. russells was also content with its own banking branch. however, russells gradually changed its attitude as it established relationship with the hongkong and shanghai bank. by december 1866, william forbes was elected to the board of directors of the bank and subsequently chairman on several occasions.