Swift Code for Bank of South Australia

In 2013 BankSA commemorates 165 years of local banking. We’ve been part of the fabric of South Australian since March 11, 1848, when The Savings Bank of South Australia, the forerunner of today's BankSA, began life as a small one-person outfit.

John Hector, the bank's sole employee, opened the bank's books and the doors of its single room, which was provided, free of rent, by the Glen Osmond Union Mining Company, in Gawler Place, Adelaide. That same day, the historic first deposit marked the Savings Bank as the “people’s bank” for generations to come.

Swift Code for Bank of South Australia

The first depositor was an Afghan shepherd, who entrusted his life savings of 29 pounds to the new bank. The teller recorded his name as Croppo Sing (a phonetic rendering of Singh). Like so many others in the early days of the colony, Croppo was illiterate, and signed his name for his bank account with an 'X'.

Singh's deposit was made by his employer, William Fowler of Lake Victoria, and incorrectly recorded in Fowler's name. This error was later corrected, ensuring Croppo Singh's place in the history of the State and the Bank of South Australians.

Swift Code for Bank of South Australia:

SGBLAU2S

It was just a month before the fledgling bank made its first loan. That, as became typical throughout the bank's history, was for housing and farming. John Colton was advanced 500 pounds for the purchase of two acres of land with a seven-roomed, stone house, a cottage and stables.

Colton was 25 at the time. He had recently started a small wholesale harness and hardware business that later grew into the well-known firm of Colton & Co (still later, Colton, Palmer and Preston). In 1875 Colton was appointed to the Bank's board of trustees. Like many successful colonial businessmen, he later went into politics, serving as minister in several governments before leading his own ministry for 16 months in 1876-77. He was knighted in 1892.

The Savings Bank had first offered a loan of only 250 pounds to Colton, with a similar opportunity to Alfred Reynell, who declined. Reynell later accepted an increased offer by the bank of a loan of 300 pounds.

By the end of the bank's first year it had attracted 214 depositors, with balances of more than 5,300 pounds and had a loan book of around 3,000 pounds.
Swift Code for Bank of South Australia  Swift Code for Bank of South Australia Reviewed by Cavpo Idezia on 6:30 AM Rating: 5

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