Bank of South Australia

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Bank of South Australia
Formerly
Savings Bank of South Australia
State Bank of South Australia
Bank of South Australia
Subsidiary of Westpac
Industry Finance and insurance
Founded11 March 1848, as the Savings Bank of South Australia [1]
Headquarters Adelaide, South Australia
Area served
South Australia & Northern Territory
ProductsPersonal Banking, Business Banking and Insurance
Parent Westpac
Website Official website

BankSA, formerly known as The Bank of South Australia, the State Bank of South Australia and the Savings Bank of South Australia is the largest bank in South Australia. In 2008 it became part of the Westpac Banking Group. It has been the principal partner of the Adelaide Fringe since 2005.

The State Bank of South Australia was a bank created in 1984 and owned by the Government of South Australia. The bank became the subject of a two-year South Australian Royal Commission upon collapse in 1991. The surviving part of the bank now exists as BankSA.

Savings Bank of South Australia bank in South Australia

The Savings Bank of South Australia was founded in 1848, trading from a single room in Gawler Place, Adelaide. In 1984 it merged with the State Bank of South Australia, with the merged entity taking the latter name. The Bank of South Australia is now a division and a trading name of St.George Bank, which is now a subsidiary of Westpac.

South Australia State of Australia

South Australia is a state in the southern central part of Australia. It covers some of the most arid parts of the country. With a total land area of 983,482 square kilometres (379,725 sq mi), it is the fourth-largest of Australia's states and territories by area, and fifth largest by population. It has a total of 1.7 million people, and its population is the second most highly centralised in Australia, after Western Australia, with more than 77 percent of South Australians living in the capital, Adelaide, or its environs. Other population centres in the state are relatively small; Mount Gambier, the second largest centre, has a population of 28,684.

Contents

History

The forerunners of the Bank of South Australia were the Savings Bank of South Australia, founded in 1848, and the State Bank of South Australia. These were merged under the name State Bank of South Australia in 1984.[ citation needed ]

The State Bank of South Australia was sold to Advance Bank due to a collapse and bailout by the Government of South Australia in 1992, when non-performing assets exceeded 30% of the loans. Advance Bank was purchased by St. George Bank in 1997, and the State Bank became a division of Westpac Banking Corporation when St George and Westpac merged in 2008. As of 2019, BankSA is a division of Westpac.[ citation needed ]

The Advance Bank was an Australian bank that existed from 1985 until 1997, when it merged with St George Bank. It is not related to Advance Bank AG of Germany.

Government of South Australia state government of South Australia

The Government of South Australia, also referred to as the South Australian Government, SA Government or Her Majesty’s Government is the Australian state democratic administrative authority of South Australia. The Government of South Australia, a parliamentary constitutional monarchy, was formed in 1856 as prescribed in its Constitution, as amended from time to time. Since the Federation of Australia in 1901, South Australia has been a state of the Commonwealth of Australia, and the Constitution of Australia regulates its relationship with the Commonwealth. Under the Australian Constitution, South Australia ceded legislative and judicial supremacy to the Commonwealth, but retained powers in all matters not in conflict with the Commonwealth.

In October 2014, the bank rebranded itself under the name BankSA. [2]

Adelaide Fringe partership

In November 2005, the State Bank began its sponsorship of Australia’s biggest arts festival, the Adelaide Fringe, with a A$1.4-million partnership until 2010. [3] This sponsorship has been renewed, and BankSA is the Fringe's principal partner until at least 2020. [4]

See also

There are a number of building societies and banks with intertwining histories. These include:

St.George Bank is an Australian bank with its headquarters in Sydney. Since a 2008 merger, the bank has been part of Westpac, having previously been an independent legal entity. In 2010 St.George was deregistered as a company and ceased to be a standalone authorised deposit-taking institution.

The Bank of Melbourne is a financial institution based in Melbourne, Australia, established in 1989 and taken over by the Westpac Banking Corporation (Westpac) in 1997. In 2004, Westpac rebranded the Bank of Melbourne branches as Westpac branches. In 2011, Westpac resurrected the brand after rebranding its purchase of Bank of St George in Melbourne specifically and possibly in response to its initial closing of the brand.

Bank of Melbourne (2011)

Bank of Melbourne is a financial institution operating in Victoria, Australia. A subsidiary of the Westpac Group, it was re-established as a separate entity, and re-commenced operations on 25 July 2011.

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References

  1. "Banks in Australia" . Retrieved 19 August 2019.
  2. "A New Identity for South Australia's bank". 14 October 2014. Retrieved 19 August 2019.
  3. "BankSA - Principal Partner of the Adelaide Fringe". UTS. Retrieved 19 August 2019.
  4. "About Fringe". Adelaide Fringe. Retrieved 18 August 2019.

Further reading