Wide Bay Australia (WBB)

Shares / Stock Code

WBB

Stock Exchange / Sharemarket

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Wide Bay Australia (WBB) operates in the retail financial services industry. Its operations include fund raising and provision of finance for housing. WBB provides a broad range of services comprising housing loans, term and on-call deposits, insurance, foreign exchange and financial planning services. It listed on the Australian Stock Exchange on September 19, 1994 and it is headquartered in Bundaberg, Queensland. Wide Bay Australia maintains branches and agencies across Queensland, New South Wales, Victoria and South Australia, with its operations mainly focused in Central and South East Queensland. On May 31, 2008, WBB merged Mackay Permanent Building Society (MPBS) with Wide Bay. Wide Bay Australia is a non-bank Authorised Deposit Taking Institution, with interstate operations and it is governed by the Australian Prudential Regulation Authority (APRA). During 2000/01 financial year the Company held over $1 billion in assets and loans under management. The Company’s securitisation programs have enabled it to gain exposure to the Australian capital markets as well as to obtain funding at very affordable prices. In 2005 Standard & Poor’s ratings agency gave a “BBB-” investment grade credit rating to WBB. WBB has earned a sound reputation in its local market and it is providing affordable, low deposit home loans to its customers. The Company has a strong customer focus and it aims to build one-to-one relationships with its clients, personnel, business partners and its communities. Wide Bay Australia provides protection for depositors and investors through its wholly owned mortgage insurer.

Wide Bay Australia History

Wide Bay Australia was evolved through the merger of a number of regional Queensland-based building societies that were formed to provide low-deposit housing loans and needed competition to the banks. In 1979, Wide Bay Capricorn Building Society was created through the merger of Burnett Permanent Building Society that was established in 1966 with the Maryborough Permanent Building Society. In 1981, Wide Bay Capricorn formed a merger with the Gympie and North Coast Building Society. In 1983, it merged with the Port Curtis Building Society based in Gladstone. Wide Bay Capricorn became floated on the ASX in 1994. In 1998 the Company extended its lending operations interstate. WBB changed its name to Wide Bay Australia Ltd in December 2003 to better reflect its growth and positioning in the financial services market. In 2004, WBB opened its first interstate branch in Parramatta, Sydney, NSW. In 2006, the Company launched commercial lending and it launched margin lending in 2007. In 2008, WBB acquired Mackay Permanent Building Society Limited.