The Union Bank of Australia was a bank that operated in Australia and New Zealand from 1837 to 1951.[1]
The Union Bank was established in London in October 1837 with a subscribed capital of £500,000. The foundation of the bank followed a visit to England by Van Diemen's Land banker Philip Oakden, who sought to establish a large joint-stock bank operating across the Australasian colonies. During his visit, Oakden gained the support of businessman and banker George Fife Angas, founder of the South Australian Company. Upon Oakden's return, the new bank absorbed his struggling Launceston-based Tamar Bank and opened its first branch in the Tamar Bank premises on 1 May 1838.
The Union Bank expanded rapidly, establishing a branch in Victoria on 18 October 1838 after acquiring the Melbourne business of the Tasmanian Derwent Bank, the city's first bank. A Sydney branch was opened on 2 January 1839.[2][3]