Bank of New South Wales

Bank of New South Wales

Coat of Arms, granted in 1931.
Industry	Financial services
Successors	Westpac Banking Corporation
Founded	8 April 1817 in Sydney, New South Wales
Defunct	1982
Headquarters	Martin Place
Area served	New South Wales

The Bank of New South Wales (BNSW), also known commonly as The Wales, was the first bank in Australia, being established in Sydney in 1817 and situated on Broadway. During the 19th and early 20th century, the Bank opened branches first throughout Australia and Oceania. It merged with many other financial institutions, finally merging with the Commercial Bank of Australia in 1982 to form the Westpac Banking Corporation.

Established in Sydney in 1817, the Bank of New South Wales (BNSW) was the first bank in Australia, under the economic regime of Governor Lachlan Macquarie (responsible for transitioning the penal settlement of Sydney into a capitalist economy). At the time, the colony of Sydney had not been supplied with currency, instead barter and promissory notes was the payment method of choice. Governor Macquarie himself used cattle and rum as payment for the construction of Sydney Hospital and the road from Sydney to Liverpool. The suggestion of establishing a bank was raised in March 1810; but it wasn't until November 1816 that a meeting was held to discuss the real possibility of such a proposal. In February 1817 seven directors of the bank were elected: D'Arcy Wentworth, John Harris, Robert Jenkins,Thomas Wylde,Alexander Riley, William Redfern and John Thomas Campbell. Campbell was elected the bank's first president and Edward Smith Hall as its first cashier and secretary. During the 19th and early 20th century, the Bank opened branches first throughout Australia and Oceania. This included at Moreton Bay (Brisbane) in 1850, then in Victoria (1851), New Zealand (1861), South Australia (1877), Western Australia (1883), Fiji (1901), Papua New Guinea (1910) and Tasmania (1910).