The Bank of Otago designed by prominent Dunedin architect R.A. Lawson was described as ‘one of the finest buildings in the town, or even in the Province’ when it was built in 1870. The Italian Renaissance Palazzo style building has historical, architectural and townscape significance as a ‘tour de force’, a grand representation of the importance of banking and finance in colonial New Zealand.

The Bank of Otago’s first premises were on Thames Street, in 1867, but by June 1868, they had moved to a small building on Tyne Street. The Bank of Otago was founded by a group of Dunedin businessmen in 1863. The bank had its origins in the rich gold discoveries of the Otago Province. A group of financiers registered a company in London, and during the 1863 session of the New Zealand Parliament, authority was obtained for the bank via a private members bill. Branches were established on the goldfields, and outlying areas around Dunedin. Lawson’s design for a new building on Thames Street reflects the aspirations of the new trading bank.

The North Otago Times gave a detailed description of the new bank in May 1870: “The main building covers a ground area of 52ft. by 53ft. [15.8 by 16.1 metres], exclusive of the portico, and there is an annexe 52ft. by 18ft. [15.8 by 5.5 metres], the former having two, and the latter one storey above the basement. The style is Corinthian throughout, and the façade very handsome. The basement is 10ft. [3 metres] in height to the street level, and the front elevation of the main building, above this, 32ft [9.8 metres]. The upper storey of the portion facing the street is pierced with five windows, underneath the centre one of which is the main entrance door, flanked on either side by two window, the window and doors being flanked by Corinthian pilasters (six in all), to be surmounted by handsome floriated capitals. A large porch, supported by four fluted columns, each 19ft. 4in. [5.8 metres] in height, and 3ft. [0.9 metres] in diameter at the base, their capitals ornamented with the acanthus leaf, will project 10ft. [3 metres] from the front of the building and abut upon the street, extending in front of the entrance door and the windows on either side. The entablature will be supported by a rich denticulated cornice and carved medallions, and the corners of the building ornamented by vermiculated quoins. The basement storey of the main building contains two bedrooms, pantry, and children’s day-room, the latter 25ft. by 23ft. [7.6 by 7 metres] in area, the first floor, the Banking Hall, also 25ft. by 23ft., the strong room, manager’s room, and a bedroom’ and the second floor, four bedrooms, a dressing-room, bath-room, etc. The annexe contains, in the basement, a kitchen, laundry, scullery, and offices’ and on the first floor, a drawing-room, 22ft. by 18ft. [6.7 metres by 5.5 metres], and a dining room, 22ft. by 14ft. [6.7 by 4.3 metres]. The contractors were Hunter and Goodfellow, while the stone carving for the capitals was completed by Louis Godfrey.

The Bank of Otago had a short life. In 1873, it was taken over by the National Bank of New Zealand, and was home to the National Bank until it was taken over by the ANZ Bank in 2012. The National Bank made a two storey addition to the rear of the building in the 1980s, and there have been internal alterations. The main façade is much the same as when it was built.

In 2015, the former Bank of Otago, now home to the ANZ Bank, is an essential component in the impressive array of Oamaru stone public and commercial buildings in Thanes Street.