State Bank of New South Wales
Encyclopedia
The State Bank
of New South Wales
was a bank
that was owned by the Government of New South Wales
. It existed from 1933 until 2000, when it was taken over by the Commonwealth Bank
.
The bank started in 1933 as the Rural Bank of NSW, which was a bank that primarily lent to and dealt with farmers. In 1982 the bank's name was changed to the State Bank of NSW and so was its mandate, to that of a standard commercial bank, although it had been operating in this way for some years.
The Bank was 'corporatised' in 1990, under the State Owned Corporations Act 1989 (NSW) and the State Bank (Corporatisation) Act 1989 (NSW). On 14 May 1990 the existing State Bank was dissolved, and all of its assets and business undertaking were vested in an incorporated State Bank, limited by shares.
In 1994 the bank was sold to Colonial, a financial services company. The bank changed its name to Colonial State Bank in 1996. In 2000 it too was taken over, this time by the Commonwealth Bank of Australia.
This bank should not be confused with the Bank of New South Wales, which was Australia
's first bank and operated from 1817 until 1982 when it became part of Westpac
.
State bank
A state bank is generally a financial institution that is chartered by a state. It differs from a reserve bank in that it does not necessarily control monetary policy , but instead usually offers only retail and commercial services.A state bank that has been in operation for five years or less is...
of New South Wales
New South Wales
New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales...
was a bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
that was owned by the Government of New South Wales
Government of New South Wales
The form of the Government of New South Wales is prescribed in its Constitution, which dates from 1856, although it has been amended many times since then...
. It existed from 1933 until 2000, when it was taken over by the Commonwealth Bank
Commonwealth Bank of Australia
The Commonwealth Bank of Australia is a multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom. Commonwealth Bank provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance,...
.
The bank started in 1933 as the Rural Bank of NSW, which was a bank that primarily lent to and dealt with farmers. In 1982 the bank's name was changed to the State Bank of NSW and so was its mandate, to that of a standard commercial bank, although it had been operating in this way for some years.
The Bank was 'corporatised' in 1990, under the State Owned Corporations Act 1989 (NSW) and the State Bank (Corporatisation) Act 1989 (NSW). On 14 May 1990 the existing State Bank was dissolved, and all of its assets and business undertaking were vested in an incorporated State Bank, limited by shares.
In 1994 the bank was sold to Colonial, a financial services company. The bank changed its name to Colonial State Bank in 1996. In 2000 it too was taken over, this time by the Commonwealth Bank of Australia.
This bank should not be confused with the Bank of New South Wales, which was Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
's first bank and operated from 1817 until 1982 when it became part of Westpac
Westpac
Westpac , is a multinational financial services, one of the Australian "big four" banks and the second-largest bank in New Zealand....
.