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.
See also
There are a number of building societies and banks with intertwining histories. These include:
- St.George Bank
- St.George Co-operative Building Society Ltd. / St.George Building Society
- Cronulla & District Co-operative Building Society
- St.George and Cronulla Building Society
- Advance Bank
- NSW Permanent Building & Investment Society / NSW Permanent Building Society
- BankSA / Bank of South Australia
- Westpac Banking Corporation
- Too many to mention - those of major relevance to St.George / Advance Bank / BankSA:
- RESI Statewide Building Society
- Bank of Melbourne (1989)
- Bank of Melbourne (2011)
References
- ^ a b "Selected events in the evolution of the Australian financial system" Archived 21 August 2011 at the Wayback Machine, Australian Bankers' Association Inc, Retrieved 26 August 2011.
- ^ Advance Asset Management, www.advance.com.au
- ^ "John Thame", Bloomberg Businessweek. Retrieved 26 August 2011.