In 1879, the City Council offered a site in Adderley Street, on a ninety-nine year lease at £150 per annum, to the Bank. Charles Freeman designed it, in the neo-classic style that was favoured so widely by the Victorians. Plans were completed in 1881, and a local contractor, T. J. C. Inglesby, completed the building at a cost of £27,000.
The two-storied design featured a colonnaded entrance, with a statue of Brittania on the dome. The carved heads over the entrance are of “Ceres”, goddess of agriculture and of “Poseidon”, god of the sea (and trade). In 1922 two extra floors were added and the dome and statue were replaced after the completion of the addition.
The new premises were opened on the 19th of March 1883.
At the time of the opening of its new premises, the head office of the bank in Southern Africa was still situated in Port Elizabeth, but with the extension of the railway system to the North, the development of Cape Town as the then economic centre of the sub-continent became increasingly apparent. In August 1885, the head office of the bank moved from Port Elizabeth to the new building in Adderley Street.