Upon the merger with the Bank of New Zealand, he became assistant-manager of the Christchurch branch.
In 1955 he was caught up in a minor constitutional crisis over his local Directorship of the Bank of New Zealand.
Fay and Richwhite were also involved in a series of transactions between 1986 and 1993 involving their companies European Pacific Investments; Capital Markets; Fay, Richwhite; the Bank of New Zealand; Tranz Rail; and Telecom New Zealand, transactions in which they personally gained over half a billion dollars at the same time as their minority shareholders lost NZD$277 million.
This includes west Hamilton offices of many major banks, such as Bank of New Zealand, ANZ and Westpac, as well as a branch of New Zealand Post and Kiwibank.
After retiring from the Diplomatic Service, Smedley was chairman of the London board of Bank of New Zealand 1983–89 and a member of West Sussex County Council 1989–93.
Under the name of Clive Mildoon he deposited $21,500 in cash at the Bank of New Zealand.
He later claimed the BNZ had helped squeeze the company dry in the six months before the towel was thrown in.
Gattung worked in senior marketing roles at National Mutual and at the Bank of New Zealand before taking up a similar role at Telecom.
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Between 1861 and 1874, a number of other banks including the Bank of New Zealand, Bank of New South Wales, National Bank of New Zealand and Colonial Bank of New Zealand were created by Acts of Parliament and authorised to issue bank notes backed by gold, however these notes were not legal tender.