Adelaide Bank (ADB)

Shares / Stock Code

ADB

Stock Exchange / Sharemarket

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Adelaide Bank Ltd (ADB) is an Australian-based company engaged in providing business and retail banking as well as all kinds of electronic banking services, lending and insurance services. ADB was listed on the Australian Stock Exchange on the 28th of May, 1992. Its average annual revenue reaches approximately AUD$1.5 million. Its headquarters is located in Adelaide, Australia. Adelaide Bank Ltd operates mainly in four business units: Business Lending, Wealth Management, Wholesale Mortgages and Retail Banking.

The main operation of Adelaide Bank Ltd is classified into four categories: general banking services, day-to-day money, business products, farming services, loans, investments and insurances.

ADB's general services are comprised of online banking, ATMs, security advices and phone banking. Its financial services are comprised of Concession Xpress, Cash Management, Deposit Services, Loan Reducer, account services, savings, pensions, credit cards as well as student services. For Adelaide Bank Ltd business products, it offers services that include cash management, merchant services, overdrafts, check accounts, trust accounts, business term loans, vehicle and equipment finance, direct credit facility, term loans, construction and property.

The farming services of ADB consist of rural power and farm management deposits that include the flexible agribusiness finance. Its loan services consist of discount rates, building loans, homebuyer power, go between loans, personal loans, margin lending as well as the homebuyer service program while its investment services, spearheaded by the Adelaide Managed Funds provides funds and investment services mainly through an investment account. The services offered by this unit are mainly for high-income investors capable of investing a large amount of money. The insurance services of Adelaide Bank Ltd include insurance products for cars, travel and landlords .

Adelaide Bank Company History

It was in 1902 when Adelaide Bank Ltd was founded as the Cooperative Building Society of South Australia. In 1992, after the amalgamations with the Hindmarsh Adelaide Building Societies and REI, ADB was listed however; it was only in 1994 when the company changed its name to Adelaide Bank Ltd (ADB) along with the commencement of its full banking operations that include corporate and retail banking, financial planning and funds management. The Leveraged Equities was acquired by ADB in December 1999 the expansion of its lending operations followed. In 2000, the company shed its retirement village operations.

In April 2005, a margin lending business in Australia, JB Were's was acquired by Adelaide Bank Ltd for an amount of AUD$61 million from Goldman Sachs. In June 2006, a management structure and independent board was set up by ADB for the Adelaide Managed Funds subsidiary. The company appointed Mr. Steve Crane as the Chairman of AMF and Chief General Manager for Financial Markets and Mr. Anthony Baum as the CEO. An announcement to list the AMF Asset Backed Yield Trust on the ASX as an investment product was also made. Through this listing, ADB announced its plan to raise funds amounting to $300 million from the two installments. In July 2006, an announcement for retirement as the Chief Executive Officer and Group Managing Director was made by Mr. Barry Fitzpatrick. He appointed Mr. Jamie McPhee to be the Group Managing Director.