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Private Colonial Banknotes Union Bank of Australia Limited |
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Notes:The Union Bank of Australia was a venture of British shareholders, managed and operated by colonial residents. The company was established in London in 1837 and officially opened it's first branch in Launceston on 1st May, 1838. It was a leading institution from its inception. Initially, capital of £500,000 in £25 shares was raised with the ability to increase this to £1,000,000 as required. A quarter of the shares were reserved for sale in the colony.As the company's business grew, it acquired the Tamar Bank in 1838, the Bathurst Bank in 1840, Archers Gilles & Co. in 1844 and the Bank of South Australia in 1892. Prudent management resulted in a highly stable company. The financial strength of the bank was particularly evident during 1893 when it was one of only a handful of Australian banking institutions which did not suspend trading. With the bank's notes backed by New South Wales government legislation, their issue was instrumental in overcoming stagnant trade and commerce. In 1911, the bank was one of 16 banks who supplied blank note forms to the Australian Government. These notes were superscribed as redeemable in gold and issued as the first Commonwealth notes. In 1951, it merged with the Bank of Australasia, another 'British backed' bank, to form the ANZ Bank Ltd, now a cornerstone of the Australia and New Zealand Banking Group Limited.
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