Colonial Bank of New Zealand
Colonial Bank of New Zealand was established in Dunedin, New Zealand in April 1874 as a public listed company. Dunedin with its involvements with the South Island's gold mining was the major source of local capital for local entrepreneurs.
|public listed company|
|Products||Banking, financial and saving services|
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 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.
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.
- The Colonial Bank Otago Daily Times 1 October 1874 Page 3
- A New Bank. Otago Daily Times 27 April 1874 Page 2
- Editorial. Otago Daily Times, 20 July 1874 Page 2
- The Liquidation of the Colonial Bank Otago Daily Times 28 December 1895 Page 6
- History of Banking Operations in New Zealand, The Manawatu Standard, 14 March 1944 Page 2
- Te Ara International Economic Relations page 1
- Te Ara Large Companies page 4
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