Bank of Australasia
A London-headquartered chartered bank that operated across Australia and New Zealand from 1835 until its 1951 merger with the Union Bank of Australia.
Last updated August 31, 2026
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Overview
The Bank of Australasia was a nineteenth-century banking institution headquartered in London and focused operationally on the Australian colonies and, later, New Zealand. It was incorporated by royal charter in March 1834, with banking operations beginning in Australia in 1835. The institution was designed as a British-backed colonial bank and initially contemplated extending its activities to South Africa and Ceylon, although those proposed expansions were blocked by the Lords of the Treasury. Its first branch opened in Sydney on 14 December 1835. The bank quickly established a Tasmanian presence, opening branches in Hobart and Launceston on 1 January 1836, with the Launceston operation taking over the former Cornwall Bank. It then expanded to Melbourne in 1838 and Adelaide in 1839. In 1841, it absorbed the original Bank of Western Australia and opened in Perth, although that branch was closed in 1844 and the bank did not return to Western Australia until the region's later gold-driven economic expansion. The institution encountered serious difficulties during the economic depression of the 1840s. One source of controversy was a loan to the failing Bank of Australia, a transaction that generated substantial litigation. Despite these problems, the Bank of Australasia resumed growth as economic activity accelerated. It opened in Geelong in 1846 and expanded rapidly across Victoria during the gold rush, adding branches in Ballarat, Castlemaine, Williamstown, Portland, Warrnambool and Port Fairy during 1853–54, followed by branches in Bendigo and Beechworth. The bank entered New Zealand in the 1860s. After deciding on the expansion in 1863, it opened branches in Auckland, Christchurch and Dunedin in 1864 and Wellington in 1866. Its physical presence also became prominent in Melbourne, where a substantial headquarters was constructed on Collins Street in 1875–76 in the city's central financial district. The Bank of Australasia survived the Australian banking crisis of 1893, a period in which several competing institutions failed. The discovery of gold in Western Australia supported a renewed expansion there: branches opened in Fremantle, Coolgardie and Cue in 1894, followed by Menzies and Kalgoorlie in 1895. Over time, many former branches and offices became heritage-listed buildings, reflecting the bank's role in the development of colonial and early national banking infrastructure. The Bank of Australasia ceased to exist as an independent institution on 1 October 1951, when it merged with the Union Bank of Australia. The combination created the Australia and New Zealand Bank, later known as ANZ Bank. The bank therefore survives institutionally through its successor rather than as an active standalone brand.
History
The Bank of Australasia was created as a British-chartered institution for banking activity in the Australian colonies. It was incorporated by royal charter in London in March 1834, and its first operating branch opened in Sydney on 14 December 1835. The proposed business was initially broader than Australia and New Zealand: South Africa and Ceylon were considered as possible areas of operation, but the Lords of the Treasury prevented those plans from proceeding. The bank's early network developed rapidly. On 1 January 1836 it opened branches in Hobart and Launceston, the latter taking over the former Cornwall Bank. Melbourne followed on 28 August 1838, and Adelaide on 14 January 1839. In 1841 the bank absorbed the original Bank of Western Australia and opened in Perth. That operation was short-lived, however, closing in 1844; the bank would not return to Perth until the Western Australian gold boom more than five decades later. The financial depression of the 1840s tested the institution. The bank experienced financial difficulties, partly in connection with a controversial loan made to the failing Bank of Australia. The transaction led to substantial litigation and became one of the notable controversies in the bank's early history. The institution nevertheless continued operating and began a new phase of growth as colonial commerce and resource development expanded. A Geelong branch opened in 1846. During the Victorian gold rush, the bank established a broad network across Victoria, with branches in Ballarat, Castlemaine, Williamstown, Portland, Warrnambool and Port Fairy opening in 1853–54, and further branches in Bendigo and Beechworth soon afterward. These locations connected the bank with mining districts, agricultural communities, ports and growing commercial centres. The next major geographic step was New Zealand. The bank decided to expand there in 1863 and opened branches in Auckland, Christchurch and Dunedin in 1864. Wellington was added in 1866. The institution also invested in prominent premises, including a large headquarters on Collins Street in Melbourne's central financial district, built during 1875–76. The Bank of Australasia survived the Australian banking crisis of 1893, which caused a number of competing banks to fail. It later renewed its Western Australian presence as gold discoveries stimulated trade and population growth. Branches opened in Fremantle, Coolgardie and Cue in 1894, followed by Menzies and Kalgoorlie in 1895. The bank's former premises remain visible in the architectural and heritage record of Australia. Listed former branches include buildings in Melbourne, Sydney, Ipswich, Castlemaine, Chiltern, Port Fairy, Williamstown, Port Adelaide, Robe and Fremantle. These sites illustrate the geographic reach and civic presence of the institution. On 1 October 1951, the Bank of Australasia merged with the Union Bank of Australia. The transaction formed the Australia and New Zealand Bank, which subsequently became part of the institutional lineage of ANZ Bank. The original Bank of Australasia is therefore defunct as a separate brand, although its historical operations and buildings remain part of Australia's and New Zealand's banking heritage.
- 1951
Merger creates Australia and New Zealand Bank
[1]The Bank of Australasia merged with the Union Bank of Australia on 1 October 1951.
- 1894
Return to Western Australia
[1]Branches opened in Fremantle, Coolgardie and Cue following Western Australia's gold discoveries.
- 1893
Survival of the banking crisis
[1]The bank remained operating through the Australian banking crisis of 1893.
- 1876
Melbourne headquarters completed
[1]A substantial headquarters on Collins Street was built during 1875–76.
- 1866
Wellington branch opens
[1]The bank added Wellington to its New Zealand network.
- 1864
New Zealand operations begin
[1]Branches opened in Auckland, Christchurch and Dunedin.
- 1863
Decision to expand into New Zealand
[1]The bank resolved to establish operations in New Zealand.
- 1846
Geelong expansion
[1]A branch opened in Geelong as the bank continued extending its Victorian network.
- 1841
Absorption of the original Bank of Western Australia
[1]The bank absorbed the original Bank of Western Australia and opened a Perth branch.
- 1839
Adelaide branch opens
[1]The bank established an Adelaide branch on 14 January 1839.
Products and positioning
A British-chartered colonial bank serving commercial, agricultural and personal banking needs across Australia and New Zealand during the nineteenth and early twentieth centuries.
Banking services
Deposits
The bank accepted deposits through its colonial branch network, providing a core funding base for its commercial and regional banking operations. Specific historical account names and product terms are not established in the supplied reference material.
Lending
Loans and advances
Lending was a central part of the institution's banking activity, including the controversial loan associated with the failing Bank of Australia during the 1840s depression. The supplied sources do not provide a detailed product catalogue or separate consumer and business product names.
Payments and foreign exchange
Bills of exchange and remittance services
As a British-chartered bank operating between the United Kingdom, Australia and New Zealand, the institution supported colonial commercial finance and interregional money movement. The available reference identifies banking operations but does not document specific branded payment products.
Brand decisions
1951
Merger with Union Bank of AustraliaM&ABackground
After more than a century of independent operation, the Bank of Australasia combined with another major colonial banking institution.
Action taken
On 1 October 1951, it merged with the Union Bank of Australia to form the Australia and New Zealand Bank.
Aftermath
The Bank of Australasia ended as a separate institution, while its successor later became part of the lineage of ANZ Bank.
1894
Renewed Western Australian expansionStrategyBackground
The discovery of gold in Western Australia created new commercial centres and increased demand for banking services.
Action taken
The bank reopened its Western Australian presence with branches in Fremantle, Coolgardie and Cue in 1894, followed by Menzies and Kalgoorlie in 1895.
Aftermath
The expansion re-established the bank in Western Australia after the earlier Perth branch had closed in 1844.
1863
Expansion into New ZealandStrategyBackground
After establishing a substantial network in the Australian colonies, the bank chose to extend its operations into New Zealand.
Action taken
It opened branches in Auckland, Christchurch and Dunedin in 1864, followed by Wellington in 1866.
Aftermath
The decision made New Zealand a lasting part of the bank's operating geography until its eventual 1951 merger.
Sources1 sources
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