The Advance Bank was an Australian bank that existed from 1985 until 1997, when it merged with St George Bank.[1] It is not related to Advance Bank AG of Germany (which was shut down by Allianz in 2003).

It was established as the NSW Permanent Building & Investment Society in 1939.

In 1982, it established a funds management division, Advance Asset Management, which is now a specialist asset management business within Westpac. "Its focus is on asset allocation and risk management, implemented through a multi-manager process, providing investment opportunities across a range of asset classes, including shares, property, fixed interest and cash."[2]

The building society was demutualised in 1985 and became known as the Advance Bank.[3]

In 1995, Advance Bank acquired the State Bank of South Australia, which it continued to run as a separate business unit as BankSA.[1]

Advance Bank (and its BankSA subsidiary) was taken over in 1997 by St George Bank, itself another former building society.[4] St George Bank was then taken over by Westpac in 2008.[5]

References

  1. 1 2 "Selected events in the evolution of the Australian financial system". Australian Bankers' Association Inc. Archived from the original on 21 August 2011.
  2. ↑ Advance Asset Management, www.advance.com.au
  3. ↑ "John Thame", Bloomberg Businessweek. Retrieved 26 August 2011.
  4. ↑ "History of St.George Bank". banks.com.au. Archived from the original on 4 March 2015.
  5. ↑ Janda, Michael (13 May 2008). "St George, Westpac agree on merger terms". ABC News. Retrieved 27 October 2021.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.