National Bank of New Zealand - History

History

NBNZ was founded in 1872 in London as an overseas bank and shared many directors with Lloyds Bank. The next year it established branches in Wellington, Auckland, and Christchurch, and acquired 13 branches from ailing Bank of Otago (1863–73), see William Larnach. The National Bank of New Zealand (Ltd) Act gave NBNZ the right to issue banknotes redeemable (in specie or gold).

In 1919: Lloyds Bank acquired a small interest in NBNZ. This situation continued until 1966, when Lloyds Bank purchased NBNZ outright. National Bank and the Bank of New Zealand established joint data processing services, which they combined as Databank Systems Limited in 1967.

NBNZ tentatively dipped a toe into foreign waters in 1969 when it NBNZ established a branch in Rarotonga, Cook Islands. This foray ended in 1986 when NBNZ sold its banking license in Rarotonga to European Pacific Banking Co.

Finally, in 1978 NBNZ moved its head office from London to Wellington. At that time the Black Horse became the symbol of NBNZ. The National Bank's distinctive Black Horse logo dates back to 1677 London when Humphrey Stockes adopted it as sign for his shop. Stokes was a goldsmith and 'keeper of the running cashes', an early term for banker. When Lloyds Bank took over the site in 1884 it retained the horse as its symbol.

In 1987 NBNZ acquired Southpac Investment Management Limited. Five years later, NBNZ purchased The Rural Bank Limited, the former New Zealand Government owned bank, from Fletcher Challenge. NBNZ continued consoolidating banking in NZ when in 1998, NBNZ purchased Countrywide Banking Corporation from Bank of Scotland.

In 2003 ANZ purchased NBNZ from Lloyds TSB. With the purchase, ANZ also bought the right to continue to use the Black Horse logo for seven years.

In 2005 Chief Executive Sir John Anderson retired. He had been Chief Executive of the National Bank since its acquisition of the Rural Bank and was head of the ANZ-National Bank's New Zealand operations. Graham Hodges became the new Chief Executive Officer.

In September 2012, ANZ National Bank CEO David Hisco announced that it would drop The National Bank brand in favour of the ANZ brand over the next two years.