70 years since the formation of the “modern ANZ”

ANZ marks an historical milestone this month as we celebrate the 70^th 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 70^th 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.”

TIMELINE:

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.

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1954 - Opening of Australia's first Drive-In Bank, ES&A Camberwell

ANZ predecessor opened the first Drive-in Bank in Australia on the corner of Burke and Riversdale Roads in Camberwell Victoria.

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1961 - Mobile branches in vans

ANZ trialled the first mobile bank unit at Whakatane, New Zealand. A mobile branch was established in Victoria in 1956 where it was used to trial sites for new branches and at rural and agricultural shows and large factories. Smaller “Kombi Van” versions were in use by 1961.

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1965 - ANZ's First computer was installed at Toorak Road, South Yarra in Melbourne.

General Electric 225 was installed at a cost of £334,000 and was referred to as EMANZA (Electronic Method of ANZ Accounting).

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1968 - “Coupon Banking” in the form of ANZ’s Christmas Club launched.

Christmas clubs helped customers save for Christmas by setting up a regular system of deposits throughout the year. Deposits were made using booklets of pre-formatted tear-off coupons each week.

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1982 - ANZ launches Night & Day Bank (ATM)

ANZ Night & Day Bank launched in Victoria and was initially open between 7am and 11pm. They later became the first continuous 24-hour banking service in Australia,

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1993 - ANZ opens a branch in Shanghai, China

The first Australian / New Zealand bank to have a branch banking operation in the People’s Republic of China, located in Shanghai.

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1997 - ANZ opens first supermarket branch on the Gold Coast

The trial of smaller in-store branches in supermarkets (and ‘hyperstores’ in New Zealand) began in Tweed Heads and reflected the changing role of branches away from transactions.

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1999 - ANZ internet banking launched

ANZ put 1.7 million customers in touch with their finances at the press of a button in 1999 with the introduction of internet banking. Customers could check account balances, transfer funds between accounts, pay bills and review past transactions as they were able to with phone banking.

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2007 - ANZ Reconciliation Action Plan launched

This plan was the first from any major Australian company and aimed to assist Indigenous inclusion through employment, financial literacy, cultural recognition and awareness, and capacity building.

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Deborah Lasky-Davison is Group Archives Manager at ANZ