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| Industry | Commercial bank |
|---|---|
| Founded | 1872 |
| Defunct | 28 October 2012 |
| Successor | ANZ Bank New Zealand |
| Headquarters | Wellington,New Zealand |
| Parent | Australia & New Zealand Banking Group |
| Website | www.nationalbank.co.nz |
TheNational Bank of New Zealand Limited (NBNZ), often referred to asThe National Bank, was one ofNew Zealand's largest banks. Throughout much of its history, the National Bank provided commercial banking services to mainly major industrial and rural as well as some personal customers.
In 1966,Lloyds Bank became the sole owner. In 2003 Lloyds sold the bank to theAustralia & New Zealand Banking Group. The brand was retired in September 2012.
The successful flotation of the National Bank of New Zealand inLondon was announced in October 1872. It was to be a New Zealand bank and would begin by buying and expanding the operations ofDunedin'sBank of Otago.[1] The new bank had been incorporated in London by a group of people including a number of high-profile former New Zealand residents, among them formerGovernorThomas Gore Browne, formerSpeakerCharles Clifford and formerWellingtonProvincial SuperintendentIsaac Featherston. Another board member wasEdward Brodie Hoare of Barnetts, Hoares, Hanbury and Lloyd, Bankers.[2]
From the first New Zealand operations were managed from Dunedin. Adam Burnes was inspector and general manager.[3] The first branch away from Dunedin opened inWellington in March 1873 withAlexander Kerr as its first manager.[4] Although "harmonised" it did not technically acquire the 13 branches of theBank of Otago until 1 July 1873. Branches were also opened in 1873 inAuckland andHamilton[5] andChristchurch. The National Bank of New Zealand (Ltd) Act gave it the right to issue banknotes redeemable (inspecie or gold). Though the bank was technically domiciled in London (which provided certain advantages) the major portion of its shareholders were New Zealand resident or associated. In 1894 its headquarters were moved from Dunedin to Wellington.[6]
Lloyds Bank acquired a small interest in The National Bank in 1919. There was a steady substantial drain of New Zealand shareholdings to the National Bank of New Zealand overseas share register throughout the 1950s and early 1960s[note 1] This situation continued until 1966, when Lloyds Bank purchased The National Bank outright.[7] In 1967 National Bank and theBank of New Zealand established joint data processing services operated byDatabank Systems. The other trading banks joined the now proven computer system and ownership of Databank the following year.
The bank tentatively dipped a toe into foreign waters in 1969 when it established a branch inRarotonga,Cook Islands. This foray ended in 1986 when it sold its banking license in Rarotonga to European Pacific Banking Company.
The head office was moved fromLondon to Wellington in 1978 and the Black Horse became its emblem. The Black Horse logo dates back to 1677 London when Humphrey Stockes adopted it as the sign for his shop. Stokes was a goldsmith and 'keeper of the running cashes', a banker. When Lloyds Bank took over his site in 1884 it kept the horse as its symbol.
The National Bank acquired Southpac Investment Management in 1983. Five years later it bought The Rural Bank, the former New Zealand Government owned bank, fromFletcher Challenge. It continued consolidating banking in NZ by purchasingCountrywide Banking Corporation fromBank of Scotland in 1998.
In December 2003, theAustralia & New Zealand Banking Group purchased the National Bank.[8] Included in the sale was the right to continue to use the Black Horse logo for seven years.[9]
In September 2012, ANZ announced that the National Bank brand would be retired in favour of the ANZ brand over the next two years.[10]
The National Bank was the sponsor ofNew Zealand Cricket and sponsors all the home tournaments of the country and theNew Zealand national cricket team. The National Bank sponsored theNational Bank Cup in netball from 2002 until 2007.[11]
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