Everything about State Bank Of Victoria totally explained
The
State Bank of
Victoria was a
bank that existed from
1842 until
1991 when it was taken over by the
Commonwealth Bank. It was owned by the
State of Victoria.
What triggered its downfall & eventual takeover was the huge portfolio of bad
loans that were racked up in the
1980s, in particular by its
merchant banking arm
Tricontinental, after
deregulation of the banking industry by the
Hawke ALP government. Tricontinental eventually collapsed, which threatened the existence of the State Bank and forced its sell off.
These events were a key factor in the defeat of Labor party leader
Joan Kirner, and the subsequent election of
Jeff Kennett, leader of the
Liberal Party, in the
1992 Victorian election.
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