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Top banks in Australia

Australian banking industry is stringently regulated and forms a significant component of the economy of Australia. Till the 1980s, foreign banks were not allowed to set up branches in the country. The scenario has changed considerably and now foreign banks are permitted to set up branches in Australia. The banking industry in Australia is strong and the top banks in Australia play a key role behind the economic progress of the country.

Banking industry in Australia

Traditionally, there were only two types of banks in Australia: trading banks and savings banks. Savings banks only offered mortgage loans and trading banks were basically merchant banks which did not serve the common public. With the growth of the banking industry, other types of non-banking financial institutions were set up. These include credit unions and building societies. The rules and regulations were relaxed and formation of commercial banks started in a gradual manner. Initially, Commonwealth Bank of Australia carried out the function of the apex bank in the country. Later on, the responsibility was shifted to the newly-formed Reserve Bank of Australia in 1960. Currently, the foreign banks are dominating the merchant banking sector in Australia. The Australian Prudential Regulatory Authority (APRA) is the governing body of all the financial services providers and banks in Australia.

Top banks in Australia

At present, the Australian banking industry is dominated by the following banks and they are regarded as the top banks in Australia:

  1. Commonwealth Bank of Australia
  2. Westpac Banking Corporation
  3. National Australia Bank Ltd.
  4. Australia and New Zealand Banking Group Ltd.
  5. St. George Bank

Commonwealth Bank of Australia

In terms of market capitalization, The Commonwealth Bank of Australia is the biggest bank in the country. It was founded in 1911. The bank also has operations in Fiji, New Zealand, USA, Asia and the United Kingdom. It is headquartered in Sydney. Commonwealth Bank offers a range of services such as retail banking, institutional banking, business banking, insurance, fund management, investment and brokerage services. The CEO and Managing Director of the bank is Sir Ralph Norris.

http://www.commbank.com.au/



Westpac Banking Corporation

Westpac Banking Corporation is a global financial giant headquartered in Sydney, Australia. It is one of the biggest banks in Australia in terms of market capitalization and the second biggest bank in New Zealand. It merged with St. George Bank in 2008 and has the biggest branch network in Australia. Westpac was founded in 1982. Besides Australia, the bank has operations in the following countries:

  1. Fiji
  2. New Zealand
  3. Samoa
  4. Papua New Guinea
  5. Tonga
  6. Solomon Islands
  7. Singapore
  8. Vanuatu
  9. China
  10. Hong Kong
  11. United States of America
  12. Indonesia
  13. United Kingdom

The CEO & MD of the bank is Gail Kelly.

http://www.westpac.com.au/

National Australia Bank Ltd

In terms of market capitalization and clientele, National Australia Bank Ltd or NAB is one of the biggest financial service providers in Australia. It was founded in 1893. The bank is headquartered in Melbourne.

The CEO of NAB is Cameron Clyne and Chairman is Michael Chaney. The products and services offered by National Australia Bank are Consumer Banking, Business Banking, Wealth Management, Wholesale Banking and Insurance.

http://www.nab.com.au/

Australia and New Zealand Banking Group Ltd.

Australia and New Zealand Banking Group Ltd. or ANZ is the third biggest bank in Australia. It is the biggest bank in New Zealand. The bank has a strong presence in Oceania and Asia and offers a range of commercial and retail banking services. ANZ was founded in 1835. Mike Smith is the current CEO and Charles Goode is the present Chairman of ANZ Bank.

http://www.anz.com/

St. George Bank

St. George Bank is a part of Westpac Banking Corporation. The bank is headquartered in Sydney, New South Wales. It was founded in 1937. At present, Greg Bartlett is the CEO and John Curtis is the Chairman of St. George Bank.

http://www.stgeorge.com.au/



Banks in Australia

NAB

Commonwealth Bank

Suncorp Bank

ANZ

Aussie

Westpac

RAMS

Adelaide Bank

St George Bank

Bankwest

Bendigo Bank

Banks Countrywide

America

India

New Zealand

South Africa