Wales/Westpac Ex-PNG/Pacific Staff Reunion
In 1968 the government of Nauru, which had achieved independence in 1967, authorized the Bank of NSW to open a branch that would function also as the official bank, thus combining central and commercial bank functions.
This was the Bank of NSW’s first branch outside the territories of the British Commonwealth.
The agreement gave the Bank of NSW a 10-year monopoly but included the proviso that the government could take over the branch at any time after 15 months had elapsed.
In 1976 the government exercised its option by establishing the Bank of Nauru to acquire the Bank of NSW branch. The government now turned to Barclays Bank, which received a 10-year management contract and took a 10% stake in the bank.
In 1985, Barclays Bank did not seek to renew its contract, instead selling its stake to the government.
A Short History
Timeline
Heads of the Bank
Branches
- Photos
- National Library of Australia Newspaper listings
Wales must make way for new bank - 29/12/76
Paradise well and truly lost - 20/12/2001
Rebuilding the Banking System - 3/11/2013
Nauru - A Lesson in failure 7/1/2015
Westpac severs ties with Nauru Government - 14/4/2016
Nauru Govt call report politically motivated 15/4/2016
Money laundering fears - 19/4/2016