Banking in Australia is dominated by four major banks: Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group, and National Australia Bank. … Banks require a bank license under the Banking Act 1959
1. Commonwealth Bank of Australia
The Commonwealth Bank of Australia commonly known as CBA or CommBank. This is an Australian multinational bank with businesses across New Zealand, Asia, the United States, and the United Kingdom. They provide a variety of financial services including retail, business, and institutional banking. It also includes funds management, superannuation, insurance, investment, and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of August 2015. This also includes Bankwest, Colonial First State Investments, ASB Bank (New Zealand), Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure). Commonwealth Bank is also the largest bank in the Southern Hemisphere.
2. Westpac Banking Corporation
Westpac Banking Corporation, commonly known as Westpac. It is an Australian bank and financial services provider headquartered at Westpac Place in Sydney. It was founded and statin 1817 as the Bank of New South Wales and on May 4, 1982. Then it had a merger with the Commercial Bank of Australia (founded in 1866), becoming the Westpac Banking Corporation in October the same year. It is one of Australia’s “big four” banks and is Australia’s first and oldest banking institution. Its name is a portmanteau of “Western” and “Pacific”.
3. Australia and New Zealand Banking Group
Australia and New Zealand Banking Group Limited, commonly called ANZ. This is an Australian multinational banking and financial services company headquartered in Melbourne, Australia. It is the second-largest bank by assets and third-largest bank by market capitalization in Australia. ANZ was established on 1 October 1951, when the Bank of Australia merged with the Union Bank of Australia Limited. It is one of the big four Australian banks, with the Commonwealth Bank, National Australia Bank (NAB) and Westpac.
4. National Australia Bank
National Australia Bank, commonly known as NAB, and branded as nab. It is one of the four largest financial institutions in Australia in terms of market capitalization, earnings, and customers. NAB has been ranked the 21st largest bank in the world measured by market capitalization. It’s also the 50th largest bank in the world as measured by total assets in 2014. But it falls to 49th largest in March 2016. As of November 2019, NAB is operating more than 1,600 branches and service centers. It also operates 4,412 ATMs across Australia, New Zealand and Asia serving 12.7 million customers.
Posted By, Shubham Sharma