Advance Bank

{{Short description|Former Australian retail bank}}

{{Use dmy dates|date=June 2021}}

{{Use Australian English|date=September 2011}}

The Advance Bank was an Australian bank that existed from 1985 until 1997, when it merged with St George Bank.{{cite web|url=http://www.bankers.asn.au/Default.aspx?ArticleID=619|title=Selected events in the evolution of the Australian financial system|url-status=dead|archive-url=https://web.archive.org/web/20110821141552/http://www.bankers.asn.au/Default.aspx?ArticleID=619 |archive-date=21 August 2011|publisher=Australian Bankers' Association Inc}} 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."[http://www.advance.com.au/default.asp Advance Asset Management], www.advance.com.au

The building society was demutualised in 1985 and became known as the Advance Bank.[http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=8419352&ticker=RKN:AU&previousCapId=7657684&previousTitle=ABACUS%20PROPERTY%20GROUP "John Thame"]{{dead link|date=April 2023|bot=medic}}{{cbignore|bot=medic}}, Bloomberg Businessweek. Retrieved 26 August 2011.

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.{{cite web |title= History of St.George Bank |url= http://www.banks.com.au/directory/st-george-bank/|url-status=dead|archive-date=2015-03-04|archive-url=https://web.archive.org/web/20150304094312/http://www.banks.com.au/directory/st-george-bank/ |publisher= banks.com.au }} St George Bank was then taken over by Westpac in 2008.{{Cite news|date=2008-05-13|title=St George, Westpac agree on merger terms|language=en-AU|work=ABC News|first=Michael|last=Janda|url=https://www.abc.net.au/news/2008-05-13/st-george-westpac-agree-on-merger-terms/2434060|access-date=2021-10-27}}