ANZ marks an historical milestone this month as we celebrate the 70th anniversary of a merger which led to the formation of the bank we know today.
In 1951, 70 years ago this month, The Bank of Australasia joined with Union Bank of Australia to become ANZ Bank. Both Bank of Australasia and Union Bank survived several banking and social crises until the merger in 1951, the genesis of the “modern” ANZ. It was described as a merger of equals because the two banks were of similar size and heritage.
ANZ Bank then went on to merge with the English, Scottish and Australian Bank (ES&A) in 1970 to become Australia and New Zealand Banking Group Limited. At the time that was the largest merger in Australian banking history.
A 70-year anniversary is a timely reminder of how important history and heritage are to the bank we know today. ANZ chief executive Shayne Elliott says: “While we celebrate the 70th anniversary of the modern ANZ, there is more than a 185 years of history to show how this bank has developed and how it has continued to serve our communities.”
“This is not just some abstract historical exercise. The values forged in this merger 70 years ago are still part of the fabric of who we are today. We are still a bank that wants to back people with a vision for a better life, to own their own home, start their own business or expand an existing one into new international markets,” he says.
“The way we do that is constantly evolving as we adapt, but the essence of those businesses that came together 70 years ago is still within us. And I hope my successors are still talking about those values for another 70 years to come.”
1954 - ANZ opens branch in Lautoka, Fiji
In 1951 the Bank of Australasia opened a branch in Suva and the Lautoka Branch opened in 1954 following the merger that formed ANZ. Further branches soon followed.