Difference between revisions of "Statewide"

Revision as of 08:19, 10 September 2007

Statewide Banking Services Ltd

The country's second largest banking group had its origin in three distinct companies:

• Catriona's Store
• Simple Investments
• Australasian Funia Lan Bank

Catriona's Store

Founded in 1882 in Kings City by Scottish immigrants, Catriona's Store aimed to emulate the grand department stores. A second branch was opened in 1914 in Port Henri. These were followed by stores in all cities. Through both wars, the depression and Independence, the company maintained its position as the top department store. Following polling of customers, in 1961, Catriona' Store opened its first subsidaries: Catriona Insurance and Catriona's Travel.

Both ventures worked well. In 1967 Catriona's Insurance opened a new subsidary: Catriona Insurance Savings Bank. CISB opened branches in all of Catriona's Stores. By 1977, it was the second biggest financial institution in the country. In that year, the company was rearranged with a new holding company formed: Catriona Insurance Banking Services (CIBS). It became the parent company for the store, the travel company, the Savings bank, a new commercial bank (Catriona Insurance Trading Bank), and the Insurance company plus the United Building Society purchased from [The United Group][1]. The building Society became CIBS United Building Society.

Simple Investments

Simple Investments Building Society was formed in Funia Lan Cite in 1955 to assist residents of that city to purchase housing. The Building Society was very successful and grew to become one of the country's largest. Takeovers of Credit Mutual de Port Henri and Société d'habitation du Funia Lan propelled it to becoming a national institution.

Australasian Funia Lan Bank

Started in 1959, the bank was the most internationally focussed of Funia Lan's banks with branches and representative offices in Perth, Singapore, Jakarta, Kuala Lumpa, Saigon (later closed) and Culcutta.

The bank came unstuck through foreign trading losses and collapsed in 1978. The bank was rescued by [Fuñia Lan Investment Corporation][2] and kept operating. The bank's name was changed to State Bank of Fuñia Lan. The management hired by FLIC restored the bank's reputation, profits and it rapidly became one of the most innovative banks in the country.

1976 Merger between CIBS and Natcome

Natcom and its subsidary Natcorp taken over by CIBS.

1983 Merger between CIBS and State Bank

In January, 1983, FLIC sold State Bank on the open market. Fuñia Lan Bank was forbidden from buying. CIBS purchased the bank retaining the management team and merging it with Catriona Insurance Trading Bank. Shortly after, the bank purchased Simple Investments.

CIBS Rearrangements: Statewide formed

The bank entered a significant rearrangement using the management team from the rescued State Bank. CISB merged with State Bank which merged into the holding company and adopted a new name: Statewide Banking Services. CIBSUnited was merged with Simple Investments and renamed Statewide Building Society. The company attempted to sell the retail store to Cowling Stores while they purchased Central Commercial Bank. The deal was blocked by Mergers Fuñia Lan. Natcom merged with Natcorp, becoming Natcom Financial Services,a registered finance company.

Catriona's Store was sold to a new subsidiary 39 per cent owned by Cowling Stores and 39 per cent owned by Statewide Banking Services.

Catriona's Travel was sold.

Natcom sold

In 1994, in line with the Second Banking Act, Natcom Financal Services was registered as a bank. Statewide Banking Service sold 60 per cent of the Bank on the open market. In 2002, Natcom merged with National Bank of Funia Lan to become the country's largest bank: National Financial Services Ltd, 25 per cent owned by Statewide Banking Services.