Overview Of Top Banks In Australia
Banks are an integral and the backbone of any economy, especially when talked about the developed nations. Australia is one of the developed nations in the world and has a very strong and well-flourished banking sector in the making. It is one of those countries where the banking sector is quite developed.
Categories Of Top Banks In Australia
At the epitome of the regulators comes the reserve bank of Australia which regulates and controls the monetary policy and the money supply of the nation. Banks are regulated in the country under the Banking Act. In Australia Banks can be broadly divided into four major categories:-
- Nationally operating banks commonly referred to as the major banks
- State banks
- Regionally operating banks
- Foreign Banks
Below is the list of Top 10 Banks in Australia
1. ANZ Bank
ANZ is probably the largest and the oldest bank operating in Australia and New Zealand. This Top bank in Australia was Founded on 2 March 1835 and has headquarters in Melbourne Australia. ANZ was named the most sustainable bank globally in 2008. The bank today has more than 9,000 employees globally and has the largest operation in the Asia Pacific.
2. Commonwealth Bank of Australia
Commonwealth Bank is an Australian multinational bank with operations in New Zealand, Asia, the United States, and the United Kingdom. It provides a variety of financial instruments and facilities over different geographies. The Bank today has over 52,000 employees working across different time zones. It also has over 1,100+ branches worldwide and 4,300+ ATM’s. The bank also overs investment Banking services along with customer and corporate banking, Private Equity, Mortgages, and Insurance. The Bank has expanded its footprints into various kinds of products which makes the bank has a good user base.
3. National Bank of Australia
The bank was formed after the merger of the National Bank of Australia and the Commercial Bank of Sydney. The bank was formed in 1982 and it is serving in the Asia Pacific region only. The bank has over 36000+ employees in the company and is headquartered in Melbourne. The bank is offering a variety of products to its customers which ranges from Insurance and Banking, Customer Banking, Investment Banking, and Private Equity and Wealth Management services as well. The Bank’s total assets of around 806 Billion AUD as of 2018 and a net income of 13.5 Billion AUD in 2018. The bank has rated AA- long term from the rating agency Standard & Poors.
4. Macquarie Bank
Headquartered in Sydney the bank is offering Investment Banking, Wealth Advisory, Private Equity, Risk advisory, and retail banking services since 1970. The bank is a public bank and is listed on a stock exchange. The bank has around 15,000 employees as of 2018 with an operating income of 10.9 billion AUD and a net income of 2.6 billion AUD. The bank is currently operating in more than 25 counties in the world.
5. Bendigo Bank
Bendigo Bank is an Australian Financial Institution and is one of the oldest banks operating in the country. The bank was founded in 1858 and is primarily in retail banking. The bank has operating branches mainly in the region of Victoria and Queensland. The bank had a merger with Adelaide Bank in November 2007.
6. Suncorp Bank
Suncorp Bank Limited is an Australian finance, insurance, and banking corporation based in Brisbane. It is one of the mid-sized banks in the Australian region. In 1996 by the merger of Suncorp, Metway Bank, and the Queensland Industry Development Corporation the Suncorp Bank was formed. The bank is majorly in the insurance and wealth management sector. The Bank has an employee count of 13,000 as of 2018.
It has headquarters in Perth Australia the bank was formed in 1895 and later it was sold to the Commonwealth Bank of Australia. The bank also has offices in Adelaide, Brisbane, Canberra, Melbourne, and Sydney. The Bank is majorly in home loans and personal finance loans amid retail banking.
8. AMP Bank LTD
AMP bank is a financial services company operating in Australia and New Zealand providing investment products and superannuation. Also, the bank provides financial advice and Retail Banking. The bank had over 6,000+ employees in 2014 and is headquartered in Sydney.
9. Bank of Queensland
The bank is headquartered in Queensland and is into retail banking services. The bank has over 250 branches and 3000+ ATM’s operating in the country and is one of the oldest financial institutions operating in the country.
10. Westpac Bank
Westpac is the country one of the oldest banks currently operational. The company also have an office in the UK and the Asia Pacific region. The bank is public listed and was founded in the year 1817 and also has around 10,000+ employees currently working for it.
This has been a guide to Top Banks in Australia. Here we have discussed the Best Australian Banks overview, structure, and dynamics of the industry. You may also look at the following articles to learn more –