Top 4 Largest Banks in Australia
Let’s see the Top 4 largest banks in Australia. The bank sector in Australia consists of a number of banks licensed to carry on banking business under the Banking Act 1959, foreign banks licensed to operate through a branch in Australia, and Australian-incorporated foreign bank subsidiaries. The banking system is liquid, competitive and well developed.
4. National Australia Bank – Market capitalisation A$54.54 billion
National Australia Bank is one of the four largest banks in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation. It operates across 10 countries serving 8.3 million consumer and business banking customers and over 2.3 million wealth management customers. NAB operates 1,808 branches and service centres and 4654 ATMs globally.
3. Australia and New Zealand Banking Group – Market capitalisation A$56.25 billion
The Australia and New Zealand Banking Group Limited commonly called ANZ, is the largest banks in Australia. Australian operations make up the largest part of ANZ’s business, with commercial and retail banking dominating. In addition to operations throughout Australia and New Zealand, ANZ also extends to twenty-five other nations. ANZ was named the most sustainable bank globally in the 2008 Dow Jones Sustainability Index making it the 2nd year in a row ANZ has been granted the title. In 2007 the title was shared with another Australian bank, Westpac, which had held the title for the previous five years
2. Westpac Banking Corporation – Market capitalisation A$65.62 billion
Westpac is a multinational financial services, one of the largest banks in Australia. As of November 2011, Westpac has 12.2 million customers, Australia’s largest branch network with almost 1200 branches and a network with more than 2800 ATMs. The bank is Australia’s second-largest provider of home lending and Australia’s second-largest provider of wealth platforms by funds under administration. The bank is Australia’s second-largest business banking lender and Australia’s second-largest bank by assets.
1. Commonwealth Bank – Market capitalisation A$79.86 billion
The Commonwealth Bank of Australia is the largest banks in Australia is a multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom. Commonly referred to as the Commonwealth Bank (or Commbank), it provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance, investment and broking services. Founded in 1911 by the Australian government, the Commonwealth Bank is one of the ‘big four’ Australian banks, with National Australia Bank (NAB), ANZ and Westpac. The largest banks in Australia listed on the Australian Stock Exchange in 1991 and the government fully privatised it in 1996.