Charles Rennie, managing director of ANZ from 1973 to 1976, died last week. He was 101.
David Merrett, in his 1985 book "ANZ: An Official History", suggested Rennie was one of the first of a modern breed of banker, who in 1964 was one of the first of Australia's banking elite to attend meetings of the International Monetary Fund and the World Bank.
Charles_Rennie_Portrait
Born in Melbourne in 1913, Rennie was educated at University High School and first employed by the then Union Bank in 1928. He saw war service with the RAAF.
Merrett wrote that Rennie was "one of a number of bright young Union Bank men, he was being trained for advancement and his progress was carefully monitored."
Rennie was the bank's first Australian representative at the bank's Administrative Staff College at Henley-on-Thames in 1953.
Merrett said that "fortune smiled on Rennie": his services as chief manager in New Zealand from 1960 "came to the prominent notice of the general manager and the directors, who were worried about the New Zealand division's lack of progress."
Appointed assistant general manager of ANZ in 1964, he took responsibility for international banking "at a time when that part of the bank's business was making considerable advances."
In 1969 he became a director and chief general manager for ANZ Bank, Australia.
These accomplishments were not enough for Rennie to secure the post of managing director in 1970 when ANZ achieved a long-contemplated merger with the English, Scottish & Australian Bank, a deal that attracted great hostility from Frank Packer's tabloid newspapers.
ES&A's Harry "Mac" Scrambler, got the job instead. Rennie was made chief general manager, with the two men left to work out how to share their responsibilities.
Merrett says that Scrambler dictated the terms, with Rennie responsible for "administration - an effective downgrading of his position, despite his elevation to the board."
Rennie replaced Scrambler in 1973, leading the bank during the first oil shock the period of stagflation that followed.
John Morschel, the then chair of ANZ, said at a lunch last year to celebrate Rennie's centenary, that "on 2 April, 1973 - a day after taking over as managing director - Charles put his 'Getting to Know You' policy into action. He visited seven Melbourne suburban branches in one day and made sure to meet every staff member."
When Rennie retired in 1976 the transfer of ANZ's incorporation from London to Melbourne was still not complete, though construction of new headquarters was well underway.
The modern world was still to reach ANZ in other ways.
Rennie recently said: "When I was the CEO, the total number of staff was around 5000 and women had to get approval from HR before they could marry."