Difference between revisions of "Statewide"

Latest revision as of 10:08, 27 September 2007

Statewide Banking Services Ltd

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

• Catriona's Store
• Simple Investments
• Australasian Funia Lan Bank
• Natcom (the history of Natcom is addressed in the entry ofr National Financial Services)

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.

1979 Takeover of Natcom

Natcom and its three subsidaries Natcorp, 50 per cent of The Funia Lan Stock Exchange, and Funia Lan International Building Society taken over by CIBS. The real prize was the Stock exchange. The takeover was not popular in Funia Lan and resulted in the National Council establishing Monopolies Funia Lan with authority for approving mergers.

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

After the takeover of State Bank, CIBS entered a major restructure:

• CITB was 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
• Monopolies Funia Lan blocked the merger of Funia Lan International Building Society so it remained a separate concern owned by Natcom
• Catriona's Travel was sold
• an attempt was made to sell Catriona's Store to Cowling Stores (See Triple C Holdings)
• Natcom merged with CITB
• Natcorp remained a subsidary of Natcom
• Statewide sold 25% of the Funia Lan Stock Exchange.

Triple C Holdings

The company attempted to sell the retail store to Cowling Stores while they purchased Central Commercial Bank. The deal was blocked by Monoplies Fuñia Lan.

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 called Triple C Holdings.

In 2002, Statewide sold its shareholdings in Triple C Holdings.

Progress and Growth

Natcom continued to grow gaining success as a business bank while Statewide began to grow steadily in the retail sector. In 1984 Statwide and Natcom joined ALLAN Ltd and began issuing Alliance Cards. In the same year, Funia Lan International joined the building society/co-op scheme: Freedom.

Natcom and Statewide separate

In 1994, in line with the Second Banking Act, Natcom merged with its Finance Company subsidary becoming Natcom Financal Services. 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, 30 per cent owned by Statewide Banking Services. Monopolies Funia Lan asked the bank to reduce its shareholding which Statewide did reducing its investment in National to 19 per cent by 2004.

Statewide Banking Services Now

In 2002, Statewide Building Society merged with Statewide Banking Services to become the country's second largest bank. It owns 19 per cent of National Financial Services, 25 per cent of The Funia Lan Stock Exchange.