Adelaide Bank

By: EconomyWatch Content   Date: 30 October 2009

About The Author

EconomyWatch Content

Follow The Money

EconomyWatch, Content Team

 

  • Dot Div
  •      

Formed on January 01, 1994, Adelaide Bank is one of the new breeds of regional banks in Australia. The bank continued to operate as a publicly listed regional company until November 30, 2007, when it became a wholly owned subsidiary of Bendigo Bank.  

Adelaide Bank: Since Conversion

Adelaide Bank's origin can be traced back to the start of the 20th century, when the Co-operative Building Society of South Australia Limited was formed. The society went on to become Australia's largest building society. The society got converted into the bank in 1994 and was renamed Adelaide Bank. Ever since its conversion to Adelaide Bank, it has witnessed substantial growth and diversity.

Certain key milestones achieved by the building society and Adelaide Bank are:

  • The asset base exceeded the $1 billion mark in 1990 and quickly grew to more than $2 billion after its conversion to the bank. The majority of the bank's assets are held within the bank's home state of South Australia.

  • The bank expanded its geographic reach and is now available to customers across Australia.

  • The bank's assets exceed $23 billion, with 75% of the assets outside South Australia.

  • The bank accounts for more than 3% of Australia's overall mortgage loan approval, or $700 million per month.

  • Adelaide Bank is one of Australia's biggest margin lenders. 

The bank agreed to the merger with Bendigo Bank on March 31, 2008 and the new company is known as Bendigo and Adelaide Bank Limited. 

Adelaide Bank: Post Merger

Post merger, Adelaide Bank is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited. A survey released by the consumer group Choice in October 2009 indicated that Bendigo Bank and Adelaide Bank Limited continues to provide industry-leading customer satisfaction levels.

The survey conducted on 3000 members of the Choice group also reflected that Bendigo Bank:

  • Recorded the highest overall satisfaction score for a bank.

  • Ranked third overall in credit card services. 

Bendigo and Adelaide Bank Limited operates a substantial wholesale banking business through Adelaide Bank. It provides mortgages to Australians via a network of brokers and mortgage managers. It also funds aged care and third-party credit providers through the Adelaide Portfolio Lending segment.


  • Dot Div
  •      

Most Popular in Australia Banks

Related Links
blog comments powered by Disqus