Advance Bank Explained

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]

Notes and References

  1. Web site: Selected events in the evolution of the Australian financial system. dead. https://web.archive.org/web/20110821141552/http://www.bankers.asn.au/Default.aspx?ArticleID=619 . 21 August 2011. Australian Bankers' Association Inc.
  2. http://www.advance.com.au/default.asp Advance Asset Management
  3. http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=8419352&ticker=RKN:AU&previousCapId=7657684&previousTitle=ABACUS%20PROPERTY%20GROUP "John Thame"
  4. Web site: History of St.George Bank . dead. 2015-03-04. https://web.archive.org/web/20150304094312/http://www.banks.com.au/directory/st-george-bank/ . banks.com.au .
  5. News: 2008-05-13. St George, Westpac agree on merger terms. en-AU. ABC News. Michael. Janda. 2021-10-27.