In March 1921 an official announcement was made that the Commercial Bank of Tasmania was being purchased by the English, Scottish and Australian Bank Limited (E.S. & A).
The takeover was an uncertain time for the directors, employees and customers of the bank. In a speech to a meeting of shareholders, Chairman David Barclay noted that:
This is the most important meeting you have ever been asked to attend since I have had anything to do with this institution. It is to confirm the sale of the bank to the English, Scottish, and Australian Bank Ltd. I understand that some of you regret the step that the directors have taken but I can assure you that no one of you is more sorry that such a step was necessary than are the directors themselves. You are all aware that within the last few years four powerful banks have established business in Tasmania, and, although we have been able to hold out own, the pressure has been so great as to cause us considerable anxiety, and after some thought we have come to the conclusion that there were only two things to be done - issue more capital or get some other bank to take us up.
This sense of regret, and even sorrow, was expressed by others who saw the takeover as an end to a Tasmanian institution, the last of the purely locally managed banks. Nonetheless, the sale proceeded with assurances that the new owners would continue the practices of supporting local industry and primary producers across the state.
Profits and branches increased throughout the 1920's and 1930's for E.S. & A. During the 1950's merging and consolidation of banks in Tasmania also increased competition between the financial institutions.
On 10 December 1968 the directors of the ANZ Bank Ltd, and the E.S. & A. Bank announced an amalgamation. On 1 October 1970 the merged banks commenced trading as the Australian and New Zealand Banking Group Ltd. 103 Macquarie Street became ANZ's Principal Banking Office in Tasmania.
In mid-1990, the ANZ announced that its plans to construct an eleven storey headquarters behind the old Macquarie Street premises. As part of the construction of the new headquarters, the old bank was refurbished, recognising the importance of the building.
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