The successful flotation of the National Bank of New Zealand in London was announced in October 1872. It was to be a New Zealand bank and would begin by buying and expanding the operations of Dunedin's Bank of Otago. The new bank had been incorporated in London by a group of people including a number of high-profile former New Zealand residents, among them former Governor Thomas Gore Browne, former Speaker Charles Clifford and former Wellington Provincial Superintendent Isaac Featherston. Another board member was Edward Brodie Hoare of Barnetts, Hoares, Hanbury and Lloyd, Bankers. From the first New Zealand operations were managed from Dunedin. Adam Burnes was inspector and general manager. The first branch away from Dunedin opened in Wellington in March 1873 with Alexander Kerr as its first manager. Although "harmonised" it did not technically acquire the 13 branches of the Bank of Otago until 1 July 1873. Branches were also opened in 1873 in Auckland and Hamilton and Christchurch. The National Bank of New Zealand (Ltd) Act gave it the right to issue banknotes redeemable (in specie or gold). Though the bank was technically domiciled in London (which provided certain advantages) the major portion of its shareholders were New Zealand resident or associated. In 1894 its headquarters were moved from Dunedin to Wellington.