Bank of South Australia Limited - Banknotes
At the time of South Australia's settlement, little thought had been given to the establishment of a financial institution. The South Australian Company quickly recognised this deficiency and established the Bank of South Australia Limited (in London) in 1837 as the banking arm (a department) of the company. The same year, branches were opened at Kingscote and Kangaroo Island and later at Adelaide and Melbourne.
Banking operations were formally separated from the South Australia Company in 1842 by the formation of the South Australian Banking Company. The company was incorporated by royal charter in 1847. The name 'Bank of South Australia', although in common use, was not legally adopted until 1867.
Notes were issued from Adelaide, Kingscote and Melbourne. The bank faced financial difficulties in the early 1890's. Attempts to overcome a series of large losses were not successful and eventually led to the company being absorbed by the Union Bank of Australia Limited in 1892, now a part of the Australia and New Zealand Banking Group Limited.
The bank also traded using the name 'South Australian Banking Company'. The name used on the bank's notes clearly shows its development from a part of one company to a separate institution trading in its own right.
The South Australian Company issues of 1836 are regarded as currency notes.
