Advance Bank

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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" [ dead link ], 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.
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