Bank Of New South Wales

The Bank of New South Wales (BNSW), also known commonly as The Wales, was the first bank in Australia, being established in Sydney in 1817 and situated on Broadway. During the 19th century, the bank opened branches throughout Australia and New Zealand, expanding into Oceania in the 20th century. It merged with many other financial institutions, finally merging with the Commercial Bank of Australia in 1982 and being renamed to the Westpac Banking Corporation 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 premises leased from Mary Reibey, the Bank of New South Wales (BNSW) was the first bank in Australia. It was established under the economic regime of Governor Lachlan Macquarie (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 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, John Harris, Robert Jenkins, Thomas Wylde,Thomas Wylde / Wilde retired founder of London's solicitors Wilde Sapte Alexander Riley, William Redfern and John Thomas Campbell. Campbell was elected the bank's first president and Edward Smith Hall 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 (Brisbane) in 1850, then in Victoria (1851), New Zealand (1861), South Australia (1877), Western Australia (1883), Fiji (1901), Papua (now part of Papua New Guinea) (1910) and Tasmania (1910).

Besides expanding its branch network, the bank also expanded by acquiring other banks:

*1927: BNSW acquires the Western Australian Bank, which had been established in 1841 or 1842.
*1931: BNSW acquires the Australian Bank of Commerce, which had branches in both New South Wales and Queensland.
*1942: BNSW suspends operations in Papua after the Japanese Army captured many of the towns in which it had branches and agencies, and bombed Port Moresby. It resumed operations in 1946.
*1946: BNSW resumes operations in Papua.
*1957: BNSW buys 40% of finance company Australian Guarantee Corporation 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 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

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