Australian Guarantee Corporation

The 1960s saw AGC move into South East Asia with Singapore, Malaysia and Brunei all opened as joint ventures with Standard Chartered Bank of England.

It avoided many of the disasters that befell others in that time, though it did indulge in the diversification strategies that were in vogue, ending up for a time with a majority interest in Budget Rent a Car and in property developer Mirvac, plus minority interests in all sorts of things from entertainment business ("AGC Paradine" in partnership with well-known entertainment personality David Frost), winemaking, brickworks to caravans.

On the finance related side AGC continued to expand overseas, and in Australia acquired Bill Acceptance Corporation (BAC) in 1977 (which it ran as an independent business).

In the early-1980s AGC also acquired a number of competitor retail financier companies, notably General Credits, Standard Chartered Finance Australia, Associated Midland and Amev-UDC.

The head office in Sydney at the time was devoid of luxuries, in a way reflecting in its environment the discipline applied to the business.

One property position that did spiral away in that time though was the Kooralbyn resort development started by prominent businessmen Peter Abeles and Arthur George in 1975.

In the late-1980s and early-1990s, AGC found itself in severe difficulties having deviated from the traditional conservative lending policies towards "big ticket" property development loans.

The economy turned against these borrowers, leaving AGC, and many similar financiers, with very substantial impaired loans and a consequent serious funding crisis.

Westpac, although suffering similar situations with defaulting loans, agreed to support AGC through the provision of substantial funding lines.

Enabled customers to obtain home improvements, motor vehicles, debt consolidation or use the line of credit for any other worthwhile purpose.

Providing funding to businesses for the acquisition of business-related assets such as motor vehicles and trucks, earth moving equipment etc.

Providing funding to businesses for cashflow purposes, as an alternative to traditional banking overdraft or term loans.