Advance Bank

Advance Bank was an Australian banking institution and brand that operated independently from 1985 until 1997. Its origins lay in the NSW Permanent Building & Investment Society, which had been established in 1939. The organisation developed within Australia's building-society sector before converting from a mutual structure into a banking business and adopting the Advance Bank name in 1985. The organisation also developed activities beyond traditional deposit-taking and lending. In 1982, before the Advance Bank name was adopted, it established Advance Asset Management as a funds-management division. That business focused on asset allocation and risk management and used a multi-manager approach to provide exposure to asset classes including equities, property, fixed interest and cash. Advance Asset Management later became a specialist asset-management business within Westpac. A major expansion occurred in 1995, when Advance Bank acquired the State Bank of South Australia. The acquired institution continued to operate as BankSA, a separate business unit and regional banking brand rather than being immediately absorbed into the Advance Bank name. This gave Advance Bank a significant presence in South Australia while preserving the acquired bank's local identity. In 1997, St.George Bank acquired Advance Bank and its BankSA subsidiary. Advance Bank consequently ceased to operate as an independent banking organisation. St.George itself was later acquired by Westpac in 2008, linking Advance Bank's former banking operations and its asset-management legacy to the broader Westpac group. Advance Bank should not be confused with Advance Bank AG in Germany, a separate institution that was closed by Allianz in 2003.

Advance Bank's institutional history began with the NSW Permanent Building & Investment Society, established in 1939. The organisation belonged to Australia's building-society tradition, in which member-based institutions provided savings and mortgage finance outside the conventional commercial-bank model. Before adopting the Advance Bank identity, it broadened its financial-services activities by creating Advance Asset Management in 1982. The funds-management division was intended to manage investments through asset allocation and risk-control disciplines, using a multi-manager process across shares, property, fixed-interest securities and cash. A structural change came in 1985, when the building society demutualised. Following that conversion, it became known as Advance Bank and operated as a bank rather than as a mutual building society. The rebranding marked the organisation's transition into a more conventional banking business while retaining its historical connection to housing finance and savings services. The available reference material does not establish a single founder or provide a detailed account of the bank's branch network, financial results, leadership, or product-level strategy during this period. Advance Bank expanded through acquisition in 1995 by purchasing the State Bank of South Australia. Rather than eliminating the acquired identity, Advance Bank continued to run the South Australian institution as BankSA. This arrangement preserved BankSA as a distinct operating and regional brand within the larger organisation. The transaction was an important step in Advance Bank's development from a former building society into a multi-brand banking group with operations extending beyond its original New South Wales base. The independent Advance Bank organisation came to an end in 1997, when St.George Bank took over Advance Bank and BankSA. St.George was itself a former building society that had developed into a banking group. After the transaction, Advance Bank no longer operated as an independent bank, while BankSA continued as a distinct brand associated with the acquiring group. The later acquisition of St.George by Westpac in 2008 placed the former Advance Bank banking operations within Westpac's corporate group. Advance Bank also has a continuing legacy through Advance Asset Management. The asset-management business ultimately became a specialist investment-management operation within Westpac, with a focus on asset allocation, risk management, multi-manager implementation, and access to several major asset classes. The historical Australian institution is unrelated to Advance Bank AG of Germany, which was a separate organisation and was closed by Allianz in 2003.

• 2008

  St.George Bank joins Westpac

  [1]Advance Banken.wikipedia.org

  Westpac acquires St.George Bank, placing the former Advance Bank operations within the Westpac group.

• 1997

  Acquisition by St.George Bank

  [1]Advance Banken.wikipedia.org

  St.George Bank takes over Advance Bank and BankSA, ending Advance Bank's independent existence.

• 1995

  Acquisition of the State Bank of South Australia

  [1]Advance Banken.wikipedia.org

  Advance Bank acquires the State Bank of South Australia and continues to operate it as BankSA.

• 1985

  Demutualisation and adoption of the Advance Bank name

  [1]Advance Banken.wikipedia.org

  The building society demutualises and begins operating under the Advance Bank name.

• 1982

  Advance Asset Management is created

  [1]Advance Banken.wikipedia.org

  The organisation establishes a funds-management division that later becomes part of the asset-management activities associated with Westpac.

• 1939

  NSW Permanent Building & Investment Society is established

  [1]Advance Banken.wikipedia.org

  The institution that later became Advance Bank is established as the NSW Permanent Building & Investment Society.

Historical Australian banking institution and regional banking group with roots in the building-society sector.

• Retail banking · 1985

  Advance Bank retail banking

  Advance Bank operated as a general Australian banking institution after the demutualisation of its predecessor in 1985. Its historically documented scope included the types of savings, lending, and banking services associated with a former building society and later full-service bank. The available reference material does not identify specific account names, card products, mortgage packages, or detailed customer segments.

• Regional banking · 1995

  BankSA

  BankSA was the operating identity retained for the State Bank of South Australia after Advance Bank acquired it in 1995. It functioned as a separate South Australian business unit, allowing the acquired institution to preserve its regional banking identity within Advance Bank's broader organisation. BankSA was subsequently included in St.George Bank's 1997 takeover of Advance Bank.

• Asset management · 1982

  Advance Asset Management

  Advance Asset Management was established in 1982 as the organisation's funds-management division. Its documented investment approach centred on asset allocation and risk management, implemented through a multi-manager process. The business offered investment exposure across shares, property, fixed interest, and cash, and later became a specialist asset-management business within Westpac.

• 1997

  Accept takeover by St.George BankM&A

  Background

  Advance Bank and its BankSA subsidiary were acquired by St.George Bank, another former building-society institution that had developed into a bank.

  Action taken

  St.George Bank took over Advance Bank and BankSA.

  Aftermath

  Advance Bank ceased operating as an independent bank, while BankSA continued as a separate brand associated with the successor organisation.

  Source

• 1995

  Acquire the State Bank of South AustraliaM&A

  Background

  Advance Bank pursued expansion beyond its existing operations by acquiring the State Bank of South Australia.

  Action taken

  The acquisition was completed, and the acquired institution continued as the separate BankSA business unit.

  Aftermath

  Advance Bank gained a significant South Australian banking operation, while BankSA retained a distinct regional identity until the later St.George takeover.

  Source

• 1985

  Convert from a mutual building society to Advance BankStrategy

  Background

  The NSW Permanent Building & Investment Society had operated within the building-society sector since 1939. The organisation chose to demutualise and adopt a banking identity in 1985.

  Action taken

  It converted from a mutual building-society structure and began operating under the Advance Bank name.

  Aftermath

  The change established Advance Bank as an independent Australian banking brand until its acquisition by St.George Bank in 1997.

  Source

1. 1Advance Banken.wikipedia.org