Summary

Formed 1970 by the amalgamation of the English Scottish and Australian Bank Ltd and the Australia and New Zealand Bank Ltd. Since that time the bank has expanded it's Australian and overseas operations. It has either purchased outright or gained a controlling interest in several overseas banking companies (e.g. Grindlays Bank PLC).

Details

The formed company was a result of a merger between Bank of Australasia, established 1835, and The Union of Australia Limited, established in 1837. Registered under the United Kingdom Companies Act, 1948, on March 28, 1951. The Australia and New Zealand Savings Bank Ltd., a wholly owned subsidiary, commenced operations on January 19, 1956. A.N.Z Savings Bank (New Zealand) Ltd. commenced operations in New Zealand on Oct 1, 1964. In 1969, the bank was merged with the English, Scottish and Australian Bank Ltd, to form the Australia and New Zealand Banking Group Ltd. The place of residence and incorporation was transferred from the United Kingdom to Victoria in 1977.
The ANZ acquired Bank of Adelaide in 1979, and PostBank, New Zealand in 1989. The following year, it acquired National Mutual Royal Bank Ltd and Town & Country WA Building Society.
In 1992, the Group restructured its United States operations, assumed majority ownership of Dalgety Farmers Group (95%) and sold its African operations to Standard Bank Investment Corporation for $53 million. In 1993, the Group sold its Canadian operations to Hong Kong Bank of Canada and the pastoral business of subsidiary Dalgety Farmers Limited to Wesfarmers Ltd. In 1996, the Group acquired 100% ownership of the Bank of Western Samoa, and ANZ Investment Bank was formed.
In July 2000, the Group sold its Grindlays banking business in the Middle East and South Asia together with the Grindlays Private Banking business in Jersey and the UK to Standard Chartered Bank, a UK registered bank. Also during 2000, the Group acquired EFTPOS New Zealand, the leading provider of merchant terminals in the NZ market (40% share); announced a 50:50 joint venture with OCBC to build a web-led bank in the Asian region; and acquired a 10% share in Hong Kong Internet broker Boom.com.
In May 2001 announces the largest profit ever recorded by an Australian bank.

Related entries

Timeline

 1836 - 1841 Bank of South Australia Limited [I]
       1841 - 1868 South Australian Banking Company
             1828 - 1836 Cornwall Bank
             1828 - 1851 Convict Savings Bank
             1829 - 1884 The Commercial Bank
             1834 - 1837 Tamar Bank
             1835 - 1840 Bathurst Bank
             1837 - 1841 Bank of Western Australia
             1840 - 1844 Archers Gilies & Company
             1852 - 1893 The London Chartered Bank of Australia
             1868 - 1892 Bank of South Australia Limited [II]
                   1832 - 1921 The Commercial Bank of Tasmania Limited
                   1835 - 1951 Bank of Australasia
                   1837 - 1951 Union Bank of Australia Limited
                   1852 - 1893 The English, Scottish & Australian Chartered Bank
                   1874 - 1919 Australian Deposit & Mortgage Bank Limited
                   1888 - 1927 The Royal Bank of Scotland Limited
                   1893 - 1921 The London Bank of Australia Limited
                         1865 - 1979 The Bank of Adelaide
                         1893 - 1970 The English Scottish and Australian Bank Limited
                         1951 - 1970 Australia and New Zealand Bank Limited
                               1970 - Australia and New Zealand Banking Group Limited

Archival resources

Australia and New Zealand Banking Group Limited Group Archive

• Australia and New Zealand Banking Group records; Australia and New Zealand Banking Group Limited Group Archive. Details

Published resources

Books

• Merrett, D.T., ANZ Bank. A history of the Australia and New Zealand Banking Group Limited and its constituents, Allen & Unwin, North Sydney, New South Wales, 1985, 325 pp. Details