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Another contributor to the State Bank’s decline was its acquisition of the already troubled Australian Bank in January 1989. [3] Tricontinental eventually collapsed with losses of A$1.5 billion, [1] which threatened the existence of the State Bank and led to its sale to the Commonwealth Bank. [4] The overall sale price was A$2.0 billion. [1]
So began Australia's first State bank, and was soon emulated by Victoria, Western Australia, Queensland and New South Wales. [ 1 ] In the 24 years Wright was at the helm (1896–1920) the bank funded £7,250,000 of loans to around 10,000 mortgagors. [ 4 ]
State Savings Bank of Tasmania: established 1902, taken over by Commonwealth Bank in 1913; Victoria. State Bank of Victoria: established 1842, collapsed in 1991 and sold to the Commonwealth Bank; Western Australia. Bank of Western Australia: established 1895, privatised and sold to Bank of Scotland in 1995, now owned by Commonwealth Bank ...
The Savings Bank of South Australia later merged with the former State Bank of South Australia (established 1896), becoming the new State Bank, owned by the Government of South Australia, in 1984. [2] The State Bank of South Australia was compartmentalised and bought by The Advance Bank due to deteriorating loan book and financial management ...
The company was established in 1988 when the State Bank of New South Wales created First State Fund Management as a subsidiary. In 1994, Colonial Mutual acquired the State Bank of New South Wales from the NSW Government, and on 23 September 1996 the merged entity was rebranded as Colonial State Bank, with First State Fund Management being branded as "Colonial First State" (CFS).
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John Hector, c.1855. The Savings Bank of South Australia was established in the colony of South Australia on 11 March 1848, [1] [2] as a savings bank.Its sole employee was John Hector, who started the business a single room in Gawler Place, Adelaide, that was provided rent-free by the Glen Osmond Mining Company.
Foreign banks wishing to carry on a banking business in Australia must obtain a banking authority under the Banking Act 1959 issued by APRA, either to operate as a wholesale bank through an Australian branch or to conduct business through an Australian-incorporated subsidiary.