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 AG in 2003).
It started 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 the Westpac Group. "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 under the name "Bank of South Australia", branded "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. [5]
There are a number of building societies and banks with intertwining histories. These include:
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