It had initially been planned to additionally include first South Africa and then Ceylon in the bank's operations; however, both these moves were blocked by the Lords of the Treasury.

It suffered financial difficulties during the 1840s depression, in part because of a controversial loan to the failing Bank of Australia which resulted in significant litigation.

[6] It decided upon a New Zealand expansion in 1863, opening in Auckland, Christchurch and Dunedin in 1864 and Wellington in 1866.

[3][7] A grand headquarters was built on Collins Street in the heart of Melbourne's financial district in 1875–76.

[5] Its reopening in Western Australia following the discovery of gold in 1893 saw branches in Fremantle, Coolgardie and Cue in 1894 and Menzies and Kalgoorlie in 1895.