Bank of Australia
From Wikipedia, the free encyclopedia
| Company type | Bank |
|---|---|
| Founded | 1826 |
| Defunct | 1843 |
| Headquarters | Sydney , Australia |
Area served | Colony of New South Wales |
The Bank of Australia was a failed financial institution of early colonial New South Wales. It was formed in 1826 and collapsed in 1843.
The Bank of Australia was formed in 1826 by a producers' and merchants' group as a rival to the Bank of New South Wales.[1]: 333 The bank opened on 3 July 1826 in George Street, Sydney.[2] The first directors of the bank were: Thomas Macvitie (managing director), Edward Wollstonecraft, John Macarthur, Richard Jones, Thomas Icely, John Oxley, George Bunn, W.J. Browne, Hannibal Macarthur, James Norton, and A.B. Spark.[3]: 196 fn 44
It was dubbed the "pure merino" bank because its share register included the plutocracy of the colony, but excluded the ex-convicts who had been associated with the Bank of New South Wales.[4]
