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Banks Of Australia
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, and a large number of other financial institutions, such as credit unions, Building society, building societies and Mutual savings bank, mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Deposit insurance#Australia, Financial Claims Scheme guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing. Banks require a Banking license, bank licence under the ''Banking Act 1959''. Foreign banks require a licence to operate through a branch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australia
Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller islands. It has a total area of , making it the list of countries and dependencies by area, sixth-largest country in the world and the largest in Oceania. Australia is the world's flattest and driest inhabited continent. It is a megadiverse countries, megadiverse country, and its size gives it a wide variety of landscapes and Climate of Australia, climates including deserts of Australia, deserts in the Outback, interior and forests of Australia, tropical rainforests along the Eastern states of Australia, coast. The ancestors of Aboriginal Australians began arriving from south-east Asia 50,000 to 65,000 years ago, during the Last Glacial Period, last glacial period. By the time of British settlement, Aboriginal Australians spoke 250 distinct l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking License
In most legal jurisdictions, a financial institution is required to obtain a banking licence before it is legally permitted to carry on a banking business. Besides other requirements, such a business is not permitted to contain in its name words such as ''bank'', ''insurance'', ''national'', etc, unless it holds an appropriate license. Depending on banking regulations, jurisdictions may offer different types of banking licenses, such as: * full banking licenses for general banking activities, such as taking deposits from the general public * international banking licenses (offshore banking licenses), which prohibits any local business activities * non-banking financial institution ( NBFI) is an institution that provides financial services but has to comply with fewer regulations than one with a full banking license. License issuance Licenses are typically issued by a national banking regulator to applicant corporations that meet its banking requirements. The requirements may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heritage Bank
Heritage and People’s Choice Limited, trading as Heritage Bank, is one of Australia's largest mutual banks. Its head office is in Toowoomba, Queensland. The bank has over 62 branches and mini-branches in southern Queensland and New South Wales and sells home loans via a network of mortgage brokers in every state and territory in Australia. The bank's customer contact centre is also based in Toowoomba, Queensland. Heritage and People’s Choice Limited is a mutual organisation which is owned by its members, not by shareholders. Heritage is also a member of the Customer Owned Banking Association (COBA). History The Toowoomba Permanent Building Society was formed in 1875 and 1893 recorded a record profit. In 1897 Darling Downs Building Society launched and by 1914 had become the largest building society in Queensland. Over the next 20 years, the two building societies continued to grow and alternated as the largest building society in Queensland. In 1934, Toowoomba Permane ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bendigo & Adelaide Bank
Bendigo and Adelaide Bank (trading as Bendigo Bank), is an Australian financial institution, operating primarily in retail banking. The company was formed by the merger of Bendigo Bank and Adelaide Bank in November 2007. Prior to the merger, Bendigo Bank operated nearly 900 outlets across Australia, including over 160 company-owned branches, 220 community-owned Community Bank branches, 100 agencies, and 400 '' Elders'' outlets. The bank's branches were mainly located in Victoria and Queensland. Post-merger, the combined bank operates more than 400 branches, including 25 that were part of Adelaide Bank. The bank's national headquarters are in Bendigo, Victoria with a major office in Adelaide, South Australia and regional offices in Docklands, Melbourne and Ipswich, Queensland. History and development The company started in 1858 as a fixed-term (terminating) building society to improve conditions in the Bendigo goldfields during the Victorian gold rush. At seven years old ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Melbourne (1989)
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. History The Bank of Melbourne was established in July 1989, following the granting of a banking licence to the RESI Statewide Building Society, with a listing on the Australian Securities Exchange following on 13 July 1989. The first chairman of the bank was Christopher Stewart, who chose Australian actor Jack Thompson to head the bank's TV advertising campaign, which ran for a decade. The bank focused operations on retail banking, with a branch network and operations focused on the state of Victoria. As a former building society, the bank was also heavily i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Challenge Bank
Challenge Bank was an Australian bank. It was established in April 1987 when the Hotham Permanent Building Society of Victoria, Australia, Victoria and Perth Building Society of Western Australia merged. In December 1995 it was purchased by Westpac. In May 1996, the Victorian business was sold to the Bank of Melbourne (1989), Bank of Melbourne that in turn was purchased by Westpac in 1997. Government of Victoria The Challenge Bank brand was retired in the early 2000s. References {{Westpac, state=collapsed Banks established in 1987 Companies based in Perth, Western Australia Companies formerly listed on the Australian Securities Exchange Defunct banks of Australia Westpac 1987 establishments in Australia ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suncorp
Suncorp Group Limited, known simply as Suncorp, is an Australian finance, insurance and banking corporation based in Brisbane, Queensland, Australia. It was formed on 1 December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC), and is one of Australia's mid-sized banks (by combined lending and deposits) and its largest general insurance group. History State Government Insurance Office Queensland established the State Accident Insurance Office in 1916, to provide mandatory injury compensation insurance to workers in the state's business sector. New legislation soon after created a larger insurance body, the State Government Insurance Office (SGIO) which took over the State Accident Insurance Office. General insurance, third party and life products were added. SGIO later expanded into building society operations, superannuation, and finance. In 1960, new legislation established the SGIO as a separate corporation, and the gr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
St George Bank
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 provides services primarily in New South Wales and the Australian Capital Territory, but with growing representation across a number of industry and business segments in Queensland and Western Australia, and in Victoria before the relaunch of the Bank of Melbourne (2011) brand in July 2011 (also another division of Westpac). St.George also operates in South Australia and the Northern Territory under its subsidiary BankSA. The bank has a large number of retail branches and ATMs across Australia, and some back office operations in Bangalore, India. History Origins The current bank is the result of the merger and/or acquisition of a number of building societies and banks. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Advance Bank
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 (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." The building society was demutualised in 1985 and became known as the Advance Bank. In 1995, Advance Bank acquired the State Bank of South Australia, which it continued to run as a separate business unit as BankSA. Advance Bank (and its BankSA subsidiary) was taken over in 1997 by St George Bank, itself another former building society. St ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demutualization
Demutualization is the process by which a customer-owned mutual organization (''mutual'') or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, members of a mutual usually receive a windfall gain, "windfall" payout, in the form of shares in the successor company, a cash payment, or a mixture of both. Mutualization or mutualisation is the opposite process, wherein a shareholder-owned company is converted into a mutual organization, typically through takeover by an existing mutual organization. Furthermore, re-mutualization depicts the process of aligning or refreshing the interest and objectives of the members of the Mutual organization, mutual society. The mutual traditionally raises Capital (economics), capital from its customer members in order to provide services to them (for example building society, building societies, where members' savings enable the provision of Mortgage loan, m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Bank Of Australia
The Commercial Bank of Australia Limited (CBA) was an Australian and New Zealand retail bank which operated from 1866 until it merged with the Bank of New South Wales, which was established in 1817, to form the Westpac Banking Corporation in 1982. History The first prospectus of the Commercial Bank of Australia was published on 16 March 1866. The initial capital was £500,000 in fifty thousand shares at £10 each. The first chairman of the bank's board of directors was Gideon S. Lang. In addition to Gideon Lang, the first directors were John Mackenzie, Thomas Mitchell and L. J. Sherrard.History of the Bank ''The Australasian'' (Melbourne), 8 April 1893, page 25. A provisional committee was made up of the four directors plus Mars Buckley, W. A. Broadribb, Thomas Cherry, James Copeland, [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of New South Wales
The Bank of New South Wales (BNSW), also known as The Wales, was the first bank in Australia. It was established in 1817 in Sydney. During the 19th century, the bank opened branches throughout Australia and New Zealand, expanding into Oceania in the 20th century. Throughout it history it merged with and purchased many other financial institutions. In 1981 it merged with the Commercial Bank of Australia and was renamed Westpac on 4 May 1982. History Established in 1817 in Macquarie Place, Sydney premises leased from Mary Reibey, the Bank of New South Wales (BNSW) was the first bank in Australia. It was established under the economic regime of Governor of New South Wales, Governor Lachlan Macquarie (responsible for transitioning the penal settlement of Sydney into a capitalist economy). At the time, the colony of Sydney had not been supplied with currency, instead barter and promissory notes was the payment method of choice. Governor Macquarie himself used cattle and rum as pay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
