Statewide

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].

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 1979. The bank was rescued by [Funia Lan Investment Corporation][2] and kept operating. The bank's name was changed to State Bank of Funia 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.