Challenge Bank

This article is about a defunct Australian bank. For banks that challenge traditional banking, see challenger bank.
Challenge Bank
Company typePublic company
Originally ASX: CLG
IndustryRetail banking
FoundedApril 1987 (April 1987)
FounderHotham Permanent Building Society and Perth Building Society
Defunct1995 (1995)
FateAcquired by Westpac
Headquarters
Perth, Western Australia
,
Australia
Area served
Victoria and Western Australia
Websitewww.challengebank.com.au

Challenge Bank was an Australian bank. It was established in April 1987 when the Hotham Permanent Building Society of Victoria and Perth Building Society of Western Australia merged.[1][2]

In December 1995 it was purchased by Westpac.[3] In May 1996, the Victorian business was sold to the Bank of Melbourne that in turn was purchased by Westpac in 1997.[4][5] The Challenge Bank brand was retired in the early 2000s.

References

  1. ^ BNZ buyer of 7pc stake in Challenger Canberra Times 16 July 1988 page 17
  2. ^ Historical Series Breaks Reserve Bank of Australia
  3. ^ Our History Westpac
  4. ^ Westpac reports $565 million profit in first half 1996 Westpac 14 May 1996
  5. ^ Westpac and Bank of Melbourne (Challenge Bank) Act 1996 Government of Victoria