Challenge Bank Explained

Challenge Bank
Type:Public company
Traded As:Originally
Industry:Retail banking
Founder:Hotham Permanent Building Society and Perth Building Society
Fate:Acquired by Westpac
Location City:Perth, Western Australia
Location Country:Australia
Area Served:Victoria and Western Australia
Website:www.challengebank.com.au

Challenge Bank was an Australian bank. It was established in April 1987 when the Hotham Permanent Building Society of Victoria and Perth Building Society of Western Australia merged.[1] [2]

In December 1995 it was purchased by Westpac.[3] In May 1996, the Victorian business was sold to the Bank of Melbourne that in turn was purchased by Westpac in 1997.[4] [5] The Challenge Bank brand was retired in the early 2000s.

Notes and References

  1. https://trove.nla.gov.au/newspaper/article/101989136 BNZ buyer of 7pc stake in Challenger
  2. https://web.archive.org/web/20211105093835/https://www.rba.gov.au/statistics/tables/hist-series-breaks.html Historical Series Breaks
  3. https://web.archive.org/web/20210227002635/https://www.westpac.com.au/about-westpac/westpac-group/company-overview/our-history/ Our History
  4. https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/res0396.pdf Westpac reports $565 million profit in first half 1996
  5. http://classic.austlii.edu.au//au/legis/vic/consol_act/wabomba1996338/ Westpac and Bank of Melbourne (Challenge Bank) Act 1996