While his involvement in the opium trade is indelible, it was Sassoon’s broader vision of India’s economic potential that truly left its mark on the country. In addition to his mills, Sassoon was instrumental in founding several financial institutions, most notably the Bank of India, established in 1906. The Bank of India was conceived in response to the Swadeshi Movement, a nationalist movement advocating the use of Indian-made goods in a direct challenge to British colonialism.
Alongside prominent figures such as Cowasjee Jehangir and R.D. Tata, Sassoon sought to create an institution that would promote Indian economic autonomy. However, despite its nationalist intentions, the bank’s legacy was not without controversy. It was accused of being elitist, with much of its management and oversight still dominated by the British.
In response to these inequities, one of the bank’s Indian accountants, Sorabhji Pochkhanawala, left in 1911 to found the Central Bank of India, a new institution aimed at promoting Indian control over the nation’s financial system. The rivalry between the Bank of India and the Central Bank reflected a broader struggle for economic independence that would define much of India’s fight against British rule.
The reach of the Sassoon family extended well beyond India’s borders. Sassoon’s influence was particularly felt in Shanghai, where his descendants would continue to expand the family’s business empire throughout the twentieth century. Victor Sassoon, the fourth generation of the family, was a pivotal figure in the empire’s expansion.
He founded over thirty companies in Shanghai, making his mark as one of the city’s most successful businessmen. Notably, Victor also offered refuge to Jewish refugees fleeing the Holocaust, providing them with homes and work in Shanghai during and after World War II. The Sassoon family, by then firmly entrenched in international trade and banking, played a crucial role in shaping the economic landscape of East Asia, Europe, and the Middle East.
Despite their prominence, the Sassoons have remained largely out of the public eye in recent decades, overshadowed by other, more visible dynasties such as the Tatas and the Godrej family. Yet, when one delves into the history of the Sassoon family, their influence on the development of modern India becomes clear.