Australian Bank
Australian Bank (ABL) was an Australian retail bank that operated between 1981 and 1989. It was established by Perth businessman Garrick Agnew (its first chairman) and Sydney-based Mark Johnson[1] (its first CEO). Johnson was also a co-founder of Macquarie Group.
History
[edit]At the time of its establishment in 1981, it was the first new trading bank in Australia since 1945.[2]
In the late 1970s, Agnew had expressed concerns that Australian banks were not sufficiently competitive. During a discussion with fellow Western Australian John Stone (then Secretary to the Treasury), Stone suggested (possibly in jest) that, if Agnew were so concerned, he should establish a bank of his own.[3][4]
The bank opened offices in Perth (190 St George's Terrace), Sydney (17 O’Connell Street) and Melbourne (400 Collins Street, moving to 395 Collins Street from mid 1985).
Whilst initially successful, the bank soon struggled [5] in the wake of the turmoil in the Australian banking environment during the mid to late 1980s, particularly with bad debts arising from overseas loan funding following the floating of the Australian Dollar in December 1983.
The bank downsized through a series of staff redundancies commencing in early 1986, and finally wound up in February 1989 following its purchase by State Bank of Victoria.[6][7][8][9]
See also
[edit]
References
[edit]- ^ "Australian Honours and Awards – Officer of the Order of Australia (AO) 2010". Governor-General of the Commonwealth of Australia. Retrieved 25 August 2019.
- ^ "Australian Bank opens for business". The Canberra Times. 6 February 1981. p. 10. Retrieved 16 October 2018 – via National Library of Australia.
- ^ "Businessman's Plan - New Trading bank being considered". The Canberra Times. 2 April 1980. p. 17. Retrieved 16 October 2018 – via National Library of Australia.
- ^ "Australian Bank and Banking in the 1980's – An Address by W.P. Gurry – 23 July 1981" (PDF). The Securities Institute Journal (September 1981). Retrieved 16 October 2018.
- ^ "Australian bank loss". The Canberra Times. 11 May 1985. p. 24. Retrieved 16 October 2018 – via National Library of Australia.
- ^ "Vic State Bank offers $92m for Aust Bank". The Canberra Times. 22 December 1988. p. 13. Retrieved 16 October 2018 – via National Library of Australia.
- ^ "MLC claims inside running in bid for Australian Bank". The Canberra Times. 14 January 1989. p. 11. Retrieved 16 October 2018 – via National Library of Australia.
- ^ "SBV victorious in battle for Australian Bank". The Canberra Times. 24 January 1989. p. 17. Retrieved 16 October 2018 – via National Library of Australia.
- ^ "Submission to the Inquiry into the Australian Banking Industry - Appendix 2: Australian Banks – 1980 to 1990". Reserve Bank of Australia. January 1991. Retrieved 16 October 2018.