State Bank of Victoria
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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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