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The Bank of New South Wales (BNSW), also known commonly as The Wales, was the first bank in Australia, being established in
Sydney Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountain ...
in 1817 and situated on
Broadway Broadway may refer to: Theatre * Broadway Theatre (disambiguation) * Broadway theatre, theatrical productions in professional theatres near Broadway, Manhattan, New York City, U.S. ** Broadway (Manhattan), the street **Broadway Theatre (53rd Stree ...
. During the 19th century, the bank opened branches throughout Australia and New Zealand, expanding into
Oceania Oceania (, , ) is a region, geographical region that includes Australasia, Melanesia, Micronesia, and Polynesia. Spanning the Eastern Hemisphere, Eastern and Western Hemisphere, Western hemispheres, Oceania is estimated to have a land area of ...
in the 20th century. It merged with many other financial institutions, finally merging with the
Commercial Bank of Australia The Commercial Bank of Australia Limited (CBA) was an Australian and New Zealand retail bank which operated from 1866 until being amalgamated with the Bank of New South Wales, that was established in 1817, to form the Westpac Banking Corporati ...
in 1982 and being renamed to the
Westpac Banking Corporation Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales. Established in 1817 as the Bank of New South Wales, i ...
on 4 May that year under the ''Bank of New South Wales (Change of Name) Act 1982''.


History

Established in 1817 in Macquarie Place,
Sydney Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountain ...
premises leased from
Mary Reibey Mary Reibey née ''Haydock'' (12 May 177730 May 1855) was an English-born merchant, shipowner and trader who was transported to Australia as a convict. After gaining her freedom, she was viewed by her contemporaries as a community role model an ...
, the Bank of New South Wales (BNSW) was the first bank in Australia. It was established under the economic regime of
Governor A governor is an administrative leader and head of a polity or political region, ranking under the head of state and in some cases, such as governors-general, as the head of state's official representative. Depending on the type of political ...
Lachlan Macquarie Major-general (United Kingdom), Major General Lachlan Macquarie, Companion of the Order of the Bath, CB (; gd, Lachann MacGuaire; 31 January 1762 – 1 July 1824) was a British Army officer and colonial administrator from Scotland. Macquarie se ...
(responsible for transitioning the penal settlement of Sydney into a capitalist economy). At the time, the colony of Sydney had not been supplied with currency, instead barter and promissory notes was the payment method of choice. Governor Macquarie himself used cattle and rum as payment for the construction of
Sydney Hospital Sydney Hospital is a major hospital in Australia, located on Macquarie Street in the Sydney central business district. It is the oldest hospital in Australia, dating back to 1788, and has been at its current location since 1811. It first rece ...
and the road from Sydney to Liverpool. The suggestion of establishing a bank was raised in March 1810; but it wasn't until November 1816 that a meeting was held to discuss the real possibility of such a proposal. In February 1817 seven directors of the bank were elected:
D'Arcy Wentworth D'Arcy Wentworth (14 February 1762 – 7 July 1827) was an Irish surgeon, the first paying passenger to arrive in the new colony of New South Wales. He served under the first seven governors of the Colony, and from 1810 to 1821, he was ''great a ...
, John Harris, Robert Jenkins,
Thomas Wylde Thomas Wylde (c. 1670 – 12 April 1740) was an English politician and administrator. His residence was The Commandery, Worcester. He was the eldest son of Robert Wylde (c. 1622 – 1689) of The Commandery and his wife Elizabeth (née Dennis) ...
,Thomas Wylde / Wilde retired founder of London's solicitors
Wilde Sapte Denton Wilde Sapte LLP (informally Dentons) was an international law firm headquartered in London, United Kingdom. It merged with the United States-based law firm Sonnenschein Nath & Rosenthal in September 2010, forming SNR Denton. At the time ...
Alexander Riley,
William Redfern William Redfern (1774 – 17 July 1833) was an English-raised surgeon in early colonial Australia who was transported to New South Wales as a convict for his role in the Mutiny on the Nore. He is widely regarded as the “father of Australian ...
and
John Thomas Campbell John Thomas Campbell (1770–1830) was a public servant and politician in the New South Wales Legislative Council during the early Australian colonial period. Early life Campbell was born in Ulster, Kingdom of Ireland in 1770. He was e ...
. Campbell was elected the bank's first president and
Edward Smith Hall Edward Smith Hall (28 March 1786 – 18 September 1860)M. J. B. Kenny,Hall, Edward Smith (1786–1860), ''Australian Dictionary of Biography'', Volume 1, MUP, 1966. Accessed 27 May 2012 was a political reformer, newspaper editor and banker in ...
as its first cashier and secretary. During the 19th and early 20th century, the Bank opened branches throughout Australia and New Zealand and in the 20th century in Oceania. This included at
Moreton Bay Moreton Bay is a bay located on the eastern coast of Australia from central Brisbane, Queensland. It is one of Queensland's most important coastal resources. The waters of Moreton Bay are a popular destination for recreational anglers and are ...
(
Brisbane Brisbane ( ) is the capital and most populous city of the states and territories of Australia, Australian state of Queensland, and the list of cities in Australia by population, third-most populous city in Australia and Oceania, with a populati ...
) in 1850, then in
Victoria Victoria most commonly refers to: * Victoria (Australia), a state of the Commonwealth of Australia * Victoria, British Columbia, provincial capital of British Columbia, Canada * Victoria (mythology), Roman goddess of Victory * Victoria, Seychelle ...
(1851), New Zealand (1861),
South Australia South Australia (commonly abbreviated as SA) is a state in the southern central part of Australia. It covers some of the most arid parts of the country. With a total land area of , it is the fourth-largest of Australia's states and territories ...
(1877),
Western Australia Western Australia (commonly abbreviated as WA) is a state of Australia occupying the western percent of the land area of Australia excluding external territories. It is bounded by the Indian Ocean to the north and west, the Southern Ocean to th ...
(1883),
Fiji Fiji ( , ,; fj, Viti, ; Fiji Hindi: फ़िजी, ''Fijī''), officially the Republic of Fiji, is an island country in Melanesia, part of Oceania in the South Pacific Ocean. It lies about north-northeast of New Zealand. Fiji consists ...
(1901), Papua (now part of
Papua New Guinea Papua New Guinea (abbreviated PNG; , ; tpi, Papua Niugini; ho, Papua Niu Gini), officially the Independent State of Papua New Guinea ( tpi, Independen Stet bilong Papua Niugini; ho, Independen Stet bilong Papua Niu Gini), is a country i ...
) (1910) and
Tasmania ) , nickname = , image_map = Tasmania in Australia.svg , map_caption = Location of Tasmania in AustraliaCoordinates: , subdivision_type = Country , subdi ...
(1910). Besides expanding its branch network, the bank also expanded by acquiring other banks: *1927: BNSW acquires the
Western Australian Bank The Western Australian Bank was a bank operating in Western Australia from 1841 to 1927. It was formed amidst the aftermath of the sale of the first Bank of Western Australia (1837-1841), which had sold out to the Bank of Australasia, as pro ...
, which had been established in 1841 or 1842. *1931: BNSW acquires the
Australian Bank of Commerce Australian(s) may refer to: Australia * Australia, a country * Australians, citizens of the Commonwealth of Australia ** European Australians ** Anglo-Celtic Australians, Australians descended principally from British colonists ** Aboriginal Au ...
, which had branches in both
New South Wales ) , nickname = , image_map = New South Wales in Australia.svg , map_caption = Location of New South Wales in AustraliaCoordinates: , subdivision_type = Country , subdivision_name = Australia , established_title = Before federation , es ...
and
Queensland ) , nickname = Sunshine State , image_map = Queensland in Australia.svg , map_caption = Location of Queensland in Australia , subdivision_type = Country , subdivision_name = Australia , established_title = Before federation , established_ ...
. *1942: BNSW suspends operations in Papua after the
Japanese Army The Japan Ground Self-Defense Force ( ja, 陸上自衛隊, Rikujō Jieitai), , also referred to as the Japanese Army, is the land warfare branch of the Japan Self-Defense Forces. Created on July 1, 1954, it is the largest of the three service b ...
captured many of the towns in which it had branches and agencies, and bombed
Port Moresby (; Tok Pisin: ''Pot Mosbi''), also referred to as Pom City or simply Moresby, is the capital and largest city of Papua New Guinea. It is one of the largest cities in the southwestern Pacific (along with Jayapura) outside of Australia and New Z ...
. It resumed operations in 1946. *1946: BNSW resumes operations in Papua. *1957: BNSW buys 40% of finance company
Australian Guarantee Corporation Founded in 1921 as Australian Guarantee Company to initially provide finance for purchasers of smaller household items, it progressed into financing motor vehicles and was renamed as Australian Guarantee Corporation (AGC) in 1925. AGC was Australi ...
and over the years progressively increased its interest to a majority stake of 76% and then acquired all remaining shares in 1988. *1968: BNSW joins
Databank Systems Limited Databank Systems Limited was the name of a not-for-profit "off balance sheet" company set up by a consortium of competing banks in New Zealand, to operate on what is nowadays termed a "Shared services Agency" basis, to provide computing resources ...
consortium in New Zealand to provide joint data processing services. Around this time the bank started going 'on line' with the use of their computer nicknamed "Fabicus", the letters standing for "First Australian Banking Institution Computer Used in Sydney". Fabicus had been in use since 1958 in the processing of some records. With advanced programming, The use of this computer changed the whole concept of banking as it had been done in years previously with its combination of hand-written and machined records. Branches slowly became attached to the data processing centre and other banks slowly joined the ranks of computer-generated reports, records, and expansion. *1970: BNSW establishes a branch on
Tarawa Tarawa is an atoll and the capital of the Republic of Kiribati,Kiribati
''
Kiribati Kiribati (), officially the Republic of Kiribati ( gil, ibaberikiKiribati),Kiribati
''The Wor ...
, which also took over the government savings bank. BNSW also gets
listed Listed may refer to: * Listed, Bornholm, a fishing village on the Danish island of Bornholm * Listed (MMM program), a television show on MuchMoreMusic * Endangered species in biology * Listed building, in architecture, designation of a historicall ...
on the
Australian Securities Exchange Australian Securities Exchange Ltd or ASX, is an Australian public company that operates Australia's primary securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or confused within Australia as ...
on 18 July 1970. *1973: BNSW becomes the corporate sponsor of the Rescue Helicopter service started by
Surf Life Saving Australia Surf Life Saving Australia (SLSA) is an Australian not-for-profit community organisation that promotes water safety and provides surf rescue services. SLSA strives to create a safe environment on Australia's beaches and coastline through patro ...
. The service is known today as the
Westpac Life Saver Rescue Helicopter Service The Westpac Lifesaver Rescue Helicopter Service is a helicopter surf lifesaving service that operates in Australia. Founded in 1973 by Surf Life Saving Australia, a not-for-profit organisation, the service has carried out more than 80,000 fli ...
*1974: BNSW participates in a joint venture to establish the Bank of Tonga. *1975: BNSW incorporates its local business in
Papua New Guinea Papua New Guinea (abbreviated PNG; , ; tpi, Papua Niugini; ho, Papua Niu Gini), officially the Independent State of Papua New Guinea ( tpi, Independen Stet bilong Papua Niugini; ho, Independen Stet bilong Papua Niu Gini), is a country i ...
as Bank of New South Wales (PNG). *1977: BNSW forms the Pacific Commercial Bank in
Samoa Samoa, officially the Independent State of Samoa; sm, Sāmoa, and until 1997 known as Western Samoa, is a Polynesian island country consisting of two main islands (Savai'i and Upolu); two smaller, inhabited islands (Manono Island, Manono an ...
as a joint venture with the
Bank of Hawaii The Bank of Hawaii Corporation ( haw, Panakō o Hawaii; abbreviated BOH) is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that the majority of the voting sto ...
, buying into Pacific Savings and Loan Company, in which the Bank of Hawaii had had an ownership interest since 1971. *1982: BNSW acquires the
Commercial Bank of Australia The Commercial Bank of Australia Limited (CBA) was an Australian and New Zealand retail bank which operated from 1866 until being amalgamated with the Bank of New South Wales, that was established in 1817, to form the Westpac Banking Corporati ...
. The
Parliament of New South Wales The Parliament of New South Wales is a bicameral legislature in the Australian state of New South Wales (NSW), consisting of the New South Wales Legislative Assembly (lower house) and the New South Wales Legislative Council (upper house). Eac ...
passes the ''Bank of New South Wales (Change of Name) Act 1982'' on 4 May 1982, changing the name of BNSW to the ''Westpac Banking Corporation''. The new brand incorporates the "W" motif, which had been the logo of BNSW.


Executive leadership


Chief executive

*
Alfred Davidson Alfred Davidson (1812–1881) was an English pottery owner and commission agent in Australia. He was a Protestant Christian, a Queensland Pioneer of Compassion (humanitarian) and the Queensland representative of the British Aborigines Protection ...
, ''general manager'', 1929–1945 *Robert Norman, ''general manager'', 1964–1977 *Bob White, ''Chief general manager'', 1977–1982


President/Chairman


Coat of arms

In 1931 the bank was granted a coat of arms from the
College of Arms The College of Arms, or Heralds' College, is a royal corporation consisting of professional Officer of Arms, officers of arms, with jurisdiction over England, Wales, Northern Ireland and some Commonwealth realms. The heralds are appointed by the ...
, symbolising the 1927 acquisition of the Western Australian Bank. The arms featured an
emu The emu () (''Dromaius novaehollandiae'') is the second-tallest living bird after its ratite relative the ostrich. It is endemic to Australia where it is the largest native bird and the only extant member of the genus ''Dromaius''. The emu' ...
and a
black swan The black swan (''Cygnus atratus'') is a large waterbird, a species of swan which breeds mainly in the southeast and southwest regions of Australia. Within Australia, the black swan is nomadic, with erratic migration patterns dependent upon c ...
(which is symbolic of Western Australia) rampant supporting a shield surmounted by a kangaroo and the emblem of the rising sun. On the shield are shown a ship, two sheaves of wheat, a sheep, a cow, and a crossed pick and spade, representing the principal industries of Australia at the time: pastoral, agricultural, mining and shipping. The motto included was "Sic fortis Etruria crevit", translated as "Thus strong
Etruria Etruria () was a region of Central Italy, located in an area that covered part of what are now most of Tuscany, northern Lazio, and northern and western Umbria. Etruscan Etruria The ancient people of Etruria are identified as Etruscan civiliza ...
prospered", a line taken from
Virgil Publius Vergilius Maro (; traditional dates 15 October 7021 September 19 BC), usually called Virgil or Vergil ( ) in English, was an ancient Roman poet of the Augustan period. He composed three of the most famous poems in Latin literature: t ...
's Second
Georgic The ''Georgics'' ( ; ) is a poem by Latin poet Virgil, likely published in 29 BCE. As the name suggests (from the Greek word , ''geōrgika'', i.e. "agricultural (things)") the subject of the poem is agriculture; but far from being an example ...
and an early motto of the Colony of
New South Wales ) , nickname = , image_map = New South Wales in Australia.svg , map_caption = Location of New South Wales in AustraliaCoordinates: , subdivision_type = Country , subdivision_name = Australia , established_title = Before federation , es ...
. These arms replaced the original arms known as the "Advance Australia Arms" which was similar to the first Coat of arms of Australia used until 1910, using the same kangaroo and emu supporters and the motto "Advance Australia". The shield in these arms was retained in the 1931 arms.


Heritage-listed buildings

The Bank of New South Wales built many buildings in Australia, some of which survive and are heritage-listed. However, very few are still used as banks. Surviving buildings with heritage listing include:


New South Wales

* 341 George Street, former Sydney Head Office (1927–1932). * 107–109 Bathurst Street, Sydney (1895). *51 Mount Street, North Sydney (1931). *306 Pacific Highway, Crows Nest (1924). * 264 Church Street,
Parramatta Parramatta () is a suburb and major Central business district, commercial centre in Greater Western Sydney, located in the state of New South Wales, Australia. It is located approximately west of the Sydney central business district on the ban ...
, Sydney (current branch)


Queensland

*
Bank of New South Wales building, Brisbane The Bank of New South Wales Building is a heritage-listed former bank building located at 33 Queen Street, Brisbane City, City of Brisbane, Queensland, Australia. It was designed by Hall & Devereux and built from 1928 to 1930 by F J Corbett ...
* Bank of New South Wales building, Charters Towers *
Bank of New South Wales building, Gympie The Bank of New South Wales is a heritage-listed former bank at 242 Mary Street, Gympie, Gympie Region, Queensland, Australia. It was designed by Richard Gailey and built from 1890 to 1891 by T. Kelly. It is also known as Widgee Shire Council C ...
*
Bank of New South Wales building, Helidon Bank of New South Wales is a heritage-listed former bank building at 7 Railway Street, Helidon, Lockyer Valley Region, Queensland, Australia. It was built in . It is also known as Bank of Commerce, Bank of Queensland Limited, and The Royal Ban ...
*
Bank of New South Wales building, Maryborough Maryborough Heritage Centre is a heritage-listed former bank building at 164 Richmond Street, Maryborough, Fraser Coast Region, Queensland, Australia. It was designed by George Allen Mansfield and James Cowlishaw and built in 1877 for the Bank ...
* Bank of New South Wales building, Normanton (currently operates as a branch of Westpac Bank) *
Bank of New South Wales building, Townsville Bank of New South Wales Building is a former heritage-listed bank at 101-111 Flinders Street, Townsville CBD, City of Townsville, Queensland, Australia. It was built in 1887 by Denis Kelleher. It is also known as Australian Meat Industry Employ ...
*
Bank of New South Wales building, Yungaburra Bank of New South Wales is a heritage-listed former bank building at 27 Atherton Road, Yungaburra, Tablelands Region, Queensland, Australia. It was built . It was added to the Queensland Heritage Register on 21 October 1992. History The form ...


Victoria

* Melbourne Head Office (building demolished with the façade preserved and relocated within the
University of Melbourne The University of Melbourne is a public research university located in Melbourne, Australia. Founded in 1853, it is Australia's second oldest university and the oldest in Victoria. Its main campus is located in Parkville, an inner suburb nor ...
, Parkville campus)


Gallery

File:Bank of New South Wales Oamaru 2.jpg, Bank of NSW Building (1882),
Oamaru Oamaru (; mi, Te Oha-a-Maru) is the largest town in North Otago, in the South Island of New Zealand, it is the main town in the Waitaki District. It is south of Timaru and north of Dunedin on the Pacific coast; State Highway 1 and the railway ...
, New Zealand File:Bank of New South Wales, 55 Collins Street, Melbourne A2825152h.jpg, Bank of NSW, 55 Collins Street, Melbourne File:HSBC, North Sydney (6305383585).jpg, Bank of NSW North Sydney Branch (1931–1974), 51 Mount Street, North Sydney


See also

*
List of oldest companies in Australia This list of oldest businesses and companies in Australia includes businesses, whether incorporated or organised in a different form (such as a partnership). However, the list excludes non-commercial associations and educational Education ...
*
List of banks in Australia The following is the list of banks in Australia, as well as restricted ADIs, credit unions, friendly societies and subsidiaries and branches of foreign banks in Australia. Financial institutions in Australia are supervised by the Australian Pru ...
*
List of Bank of New South Wales buildings This list of Westpac buildings includes a number of notable (often heritage-listed) buildings, currently or formerly used by the Westpac Bank or its predecessor institutitions including Bank of New South Wales. New South Wales * Westpac Place ...


References


Footnotes

{{Authority control Defunct banks of Australia Banks established in 1817 Banks disestablished in 1982 Financial services companies based in Sydney Westpac Australian companies established in 1817 Australian companies disestablished in 1982