Bank of New Zealand - History

History

  • 1861: New Zealand Banking Company formed as a private company and incorporated by The New Zealand Bank Act 1861 creating the company and authorising it to issue banknotes. First branch in New Zealand opened in Queen Street in Auckland. Dunedin branch opens shortly afterward.
  • 1862: Wellington, Christchurch and London branches opened. Gained the banking account of the New Zealand Government from the Union Bank and became an agent to raise debt in the United Kingdom for the Government.
  • 1894: The BNZ saved by Government legislation in June
  • 1895: The BNZ takes over the Colonial Bank, which was in crisis
  • 1940: £1 million interest free loan as a war contribution to the Government. The 74 women in the company rise to more than 700 by 1945
  • 1943: Mobile branch opened in a caravan for American servicemen, Night banking introduced in Auckland and Wellington.
  • 1944: Personal loans department opened. Government announces intention to nationalise the bank.
  • 1945: Nash Government introduces the Bank of New Zealand Bill. Once passed the Government paid £7,933,000 in cash, transferable stock, and tax-free stock to the Bank's 8,500 shareholders for their shares. The average holding was 495 shares
  • 1966: First computer purchased an IBM 360/30 with a 16k memory; Databank Systems Ltd setup in 1967 with the National Bank of New Zealand; the other three trading banks join in 1968.
  • 1978: Visa debit card introduced.
  • 1980: Visa credit cards introduced.
  • 1984: BNZ Centre completed on Willis Street, Wellington
  • 1985: Eftpos introduced through petrol stations in a pilot program.
  • 1987: Bank floated on sharemarket with a 15% stock offering.
  • 1989: Government reduces its share to 51% by selling 34%; with 30% sold to Capital Markets Ltd, and the remainder to the general public
  • 1990: Government bail out of $380 million to avoid collapse
  • 1992: BNZ purchased by National Australia Bank Group, First call centre opened in Auckland
  • 1998: Head office moves to Auckland.
  • 1999: BNZ launched Internet Banking.
  • 1999: BNZ Private Bank launched.
  • 2000: 192 branches, 5562 staff.
  • 2008: 1 October: The bank rebrands itself and changes it name into 'BNZ' the bank also had a change in logo and colours. The first such change in 20 years.
  • 2008: 1 October: BNZ Partners was born which revolutionised banking for Business, Agribusiness and Private Banking Clients. BNZ Partners is now a fully integrated team providing a seamless experience for business, corporate, wholesale and private wealth clients which is unrivalled in New Zealand

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