Updated July 31, 2023
Introduction to Top Banks In Australia
The following article provides an outline for Top Banks In Australia. Banks are integral and the backbone of any economy, especially when talked about the developed nations. Australia is one of the most developed nations in the world and has a robust 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 nation’s monetary policy and money supply. Banks are held 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
List of Top 10 Banks In Australia
Given below is the list of the top 10 banks in Australia:
1. ANZ Bank
ANZ is probably the largest and oldest Bank in Australia and New Zealand. They founded this Top Bank in Australia on 2 March 1835, and its headquarters are 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 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+ ATMs. The Bank also oversees investment Banking services, customer and corporate banking, Private Equity, Mortgages, and Insurance. The Bank has expanded its footprints into various products, making the Bank a good user base.
3. National Bank of Australia
The National Bank of Australia and the Commercial Bank of Sydney merger formed the Bank. The Bank formed in 1982 and serves only in Asia. The company has over 36,000+ employees, and its headquarters are in Melbourne. The Bank offers a variety of products to its customers, ranging from Insurance and Banking, Customer Banking, Investment Banking, and Private Equity and Wealth Management services. 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 rating agency Standard & Poors has rated the bank AA- long-term.
4. Macquarie Bank
Headquartered in Sydney, the Bank has offered 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. The merger of Suncorp, Metway Bank, and the Queensland Industry Development Corporation formed Suncorp Bank in 1996. The Bank is majorly in the insurance and wealth management sector. The Bank has an employee count of 13,000 as of 2018.
7. Bankwest
It has headquarters in Perth, Australia. The Bank was formed in 1895 and 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. In 2014, the Bank employed over 6,000+ employees and had its headquarters 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+ ATMs 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 has an office in the UK and the Asia Pacific. The Bank, which is publicly listed, was founded in 1817 and currently has around 10,000+ employees working for it.
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