Pioneering spirit - the 1850's to 1860's

Having opened its very first branch at Moreton Bay (Brisbane) on 14 November 1850, the Bank's major expansion began in response to the 'gold fever' that prevailed after gold was discovered in New South Wales and Victoria in 1851. The Bank grasped every opportunity to spread its network and consolidate its position, setting up agencies and gold-buying agents on every new diggings in response to the needs of miners and merchants. It had grown from a single office in Sydney in 1850, to a network of 37 branches in Australia and New Zealand by 1861. This success was testament to its consistent commitment to meeting the needs of the expanding communities, and to the trust and confidence it enjoyed.

The 'people's bank' became the 'pioneer bank', and the pioneering spirit of young bank officers was truly tested. Natural elements taunted prospectors and bank officers alike. Urged on by their superiors to be the first to a new location to set up a branch or gold-buying agency, bank officers operated from premises which were sometimes no more than a tent or a bark and hessian hut.

Even a branch as primitive as a tent lent stability to the rough-and-ready goldfields, and earned the respect of the diggers, as one observer noted:

'…rough and rowdy as a new diggings may appear to those who have visited a new rush for the first time, a most remarkable confidence and trust is reposed in the banking establishment by men who would not trust even their mates with their hard-earned gold'.

The confidence and trust enjoyed by the Bank in these remote areas was not only a reflection of its reputation, but of the qualities of honesty, integrity, and commitment, displayed by the staff.

In many of these places, tents and bark huts eventually gave way to impressive, architecturally designed premises, with their solid respectability reflecting that of the Bank.