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The New Zealand Banking Company was established on 1 September 1840 at Kororareka in the Bay of Islands. The first Directors were Gilbert Mair, Edward Marsh Williams, Henry Thompson, James Reddy Clendon, Daniel Pollen, John Scott, William Mayhew, Philo Bebe Perry. Its headquarters were removed to Auckland in 1842. In 1845 it was decided to wind up the Company but the final return of capital was not paid until 2 February 1850.