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Colonial Bank of New Zealand

Colonial Bank of New Zealand was established in Dunedin, New Zealand in April 1874 as a public listed company.[2] [3]Dunedin with its involvements with the South Island's gold mining was the major source of local capital for local entrepreneurs.

Colonial Bank of New Zealand
public listed company
IndustryBanking
FoundedJuly 1874; 145 years ago (July 1874)
Defunct1898 (1898)
HeadquartersDunedin,
New Zealand
Key people
[1]
ProductsBanking, financial and saving services
Colonial Bank of New Zealand's Dunedin building 1880 (built to be the Post Office, after the amalgamation of the Banks it became the Stock Exchange)

The Colonial Bank had 27 branches and an office in London by 1889. There was a major financial slump in 1893 and negotiations began to amalgamate the two banks. In 1895 Bank of New Zealand took over the Colonial Bank[4] then, finding itself in major difficulties, was obliged to let the Colonial Bank collapse in 1898.

A Dunedin bankEdit

The Bank of New Zealand had been founded earlier by a similar local group in Auckland in October 1861 and, to pull capital north, it opened a branch in Dunedin in December 1861. The Colonial Bank of New Zealand may have been formed just to re-capture the Bank of New Zealand's South Island business.[5]

New Zealand's banksEdit

Together the Bank of New Zealand and the Colonial Bank were New Zealand's only significant local banks, at that time the overseas-owned banks were: National Bank of New Zealand (ANZ), Bank of New South Wales (Westpac), Union Bank of Australia and the Bank of Australasia (ANZ). Australian and New Zealand banks got into difficulties at the end of the 1880s.[6][7]

 
Wellington branch building, Lambton Quay, 1880
 
Oamaru branch building, Thames Street circa 1880

ReferencesEdit