Commercial Bank of Australia

Not to be confused with Commonwealth Bank of Australia.

Commercial Bank of Australia
IndustryBanking
Founded1866
Defunct1982
FateMerged with Bank of New South Wales
SuccessorWestpac
Headquarters
Melbourne, Victoria
,
Australia
Area served
Australia and New Zealand
Key people
Lowe Kong Meng
Louis Ah Mouy
ProductsConsumer Banking
Commercial Bank of Australia

The Commercial Bank of Australia Limited (CBA) was an Australian and New Zealand retail bank which operated from 1866 until being amalgamated with the Bank of New South Wales, that was established in 1817, to form the Westpac Banking Corporation in 1982.[1][2]

History

The first prospectus of the Commercial Bank of Australia was published on 16 March 1866. The initial capital was £500,000 in fifty thousand shares at £10 each. The first chairman of the bank's board of directors was Gideon S. Lang.[3] In addition to Gideon Lang, the first directors were John Mackenzie, Thomas Mitchell and L. J. Sherrard.[4] A provisional committee was made up of the four directors plus Mars Buckley, W. A. Broadribb, Thomas Cherry, James Copeland, Lowe Kong Meng, Matthew McCaw, Louis Ah Mouy, Sir Francis Murphy, Adam Stacpoole, Sylvester O'Sullivan, T. J. Thomas, David E. Wilkie and Benjamin Williams. Murphy, Wilkie and Williams were members of the Victorian Legislative Council.[3]

The first general manager of the bank was George Valentine. He was succeeded early in 1870 by Henry Gyles Turner.[4]

Lake and Reynolds write that Lowe Kong Meng and Louis Ah Mouy were "founding director(s) and major shareholder(s) of the Commercial Bank of Australia."[5] As banks could issue their own paper currency at the time, the bank printed Chinese text on their pound note to encourage Chinese custom.[6][7]

The Commercial Bank of Australia was headquartered for its entire existence at what is now 327-343 Collins Street, Melbourne. A grand premises was built in 1891–93, including a dramatic domed banking chamber.

Image of the Rotunda in 333 Collins Street, Headquarters of the Commercial Bank of Australia
Rotunda in 333 Collins Street, Headquarters of the Commercial Bank of Australia
In 1939 the Collins Street frontage was rebuilt, and the chamber and entrance were heritage listed in the 1970s.[8] The  site was redeveloped as 333 Collins Street in 1990, with a tower constructed over the domed chamber, and the facade rebuilt to resemble the 1983 facade, and preserving the original entrance.[9][8]

Acquisition

It acquired the Australian and European Bank in 1879 and the National Bank of Tasmania in 1918. It commenced operations in New Zealand in 1912.[1]

Amalgamation

It amalgamated with the Bank of New South Wales to form Westpac in 1982.[1]

Further reading

  • Carew, Edna (1997). Westpac: The Bank that Broke the Bank. Sydney: Doubleday. ISBN 9780868246642. OCLC 38817885.

References

  1. ^ a b c "Hastings CBD Heritage Inventory Project" (PDF). Hastings District Council. Retrieved 19 August 2021.
  2. ^ "Bank of New South Wales (Change of Name) Act 1982". NSW Legislation. 20 December 2002. Archived from the original on 3 December 2002. Retrieved 9 August 2020.
  3. ^ a b "History of the Bank". Melbourne: The Age. 5 April 1893. p. 6.
  4. ^ a b History of the Bank, The Australasian (Melbourne), 8 April 1893, page 25.
  5. ^ Drawing the Global Colour Line: White Men's Countries and the Question of Racial Equality. Melbourne Univ. 2008. ISBN 9780522854787.
  6. ^ "A Chinese reformer at the Birth of a Nation". Chinese Heritage of Australian Federation Project. Retrieved 19 August 2021.
  7. ^ 54. Chinese-Australian Bank Note, Chinese Australian History in 88 Objects website; accessed 29 February 2024.
  8. ^ a b "Former Commercial Bank of Australia, Banking Chamber and Entrance". Victorian Heritage Register. Victorian Heritage Database. Retrieved 21 August 2021.
  9. ^ "333 Collins Street" (PDF). Bingo Bango. Retrieved 21 August 2021.