BANKSA Bank Online Banking Login | Bank of South Australia | Banksa Bank Account Review
BankSA, is a subsidiary of Westpac bank which operates as a banking and insurance company. The bank was founded in the month of March 1848 as the savings bank, of SouthAustralia, headquartered at Adelaide, South Australia.
Bank SA had over 100 locations before it wound up, serving South Australia and northern territory.
The Bank of South Australia, known commercially as BankSA, was the largest financial institution in
The State Bank of South Australia was a
History Of Bank of South Australia | BankSA
The state bank, however, collapsed in 1991, before its final collapse the Auditor General of South Australia was appointed to conduct an inquiry to determine the causes of the State Bank’s need for Government support 1991.
The report, delivered in 1993, found the key cause of financial distress was the non-performing assets of the bank, its loan portfolio. The non-performing assets were corporate and property-related loans made by the bank.
At the time of the bailout, non-performing assets exceeded 30% of the loan book. The report found that ‘to a lesser extent’, its investments in major subsidiaries acquired between 1985 and 1990 also performed poorly and were a contributory cause.
However, the Auditor General made it clear that while external factors were causes of the bank’s poor financial position, ‘a contributing cause was the bank’s failure to adequately manage the debt, capital, interest rate risk and liquidity risk of the bank.
The report indicated that the bank’s ‘policy and procedural inadequacies, and the lack of effective supervision and control of certain of the bank’s activities, contributed to the mismanagement of the business of the Bank as a whole.
St. George Bank again took over the Advance Bank which has a forehand acquired BankSA as its subsidiary, St George bank further merged with Westpac.
BankSA majorly trade on Personal Banking, Business Banking, and Insurance
Mergers and acquisition
Bank SA is a division of Corporation, which was acquired
The State Bank of South Australia was sold to
Advance Bank, on the other hand, was purchased by St. George bank in 1997.