Before Bank of Queensland, even before Westpac and Commonwealth Bank, there was Air New Zealand. Brought over by the airline’s chief executive Gary Toomey to run strategy, George Frazis wanted to think big.

It was 2001 and the company’s Australian subsidiary Ansett was finding it difficult to compete with upstart rival Virgin Blue. Air New Zealand embarked on a plan to “take Virgin Blue out with a takeover”. Ultimately, that did not work. Ansett collapsed, and so did Air New Zealand.