Australian banks play a vital role in the country’s financial system. The country currently has 53 banks that provide trading, stockbroking, insurance, and funds management services. For many years Australia’s banking providers have been amongst the best there is.
The banking business in Australia is mainly dominated by the “big four banks” – Commonwealth Bank of Australia (CBA), Westpac Banking Corporation (Westpac), Australia and New Zealand Banking Group (ANZ) and National Australia Bank (NAB), although over the years they have acquired many smaller competitors.
1. AMP Bank Ltd
In 1849 the Australian Mutual Provident Society was formed as a nonprofit life insurance company, later on, in 1988 the company was demutualized as AMP Bank Ltd and today it provides retail banking services. With headquarters in Sydney, New South Wales this bank employs more than 6000 employees and has not only made their way in Australia but also in New Zealand. AMP Bank provides transaction banking, finance loans, superannuation fund product, deposit, and mortgage services. Amongst other services, AMP is well known for the advice of banking providing financial planning and advice and life insurance retailing.
Currently, AMP has over 5 million clients around New Zealand and Australia. AMP also operates in Asia, the Middle East, Europe, and North America.
2. Commonwealth Bank
Commonwealth Bank was founded in 1911 as a government bank, it was fully privatized in 1996 and today it is one of the “Big Four Banks” in Australia. The Commonwealth Bank of Australia is a multinational bank and it also operates in New Zealand, the United States of America, and the United Kingdom. Today Commonwealth Bank employs around 51,000 staff and operates more than 11,000 branches worldwide. As one of the largest banks in Australia, it has more than 16 million customers that use such services as -wealth management, international payments, personal loans, credit cards, savings account, and term deposits as well as everyday account services. Commonwealth Bank allows opening a bank account via phone as well as online for both Australian as well as foreign residents.
3. Australia and New Zealand Banking Group (ANZ)
Australia and New Zealand Banking Group Limited or ANZ is a multinational Australian bank that provides financial services worldwide. ANZ was founded in 1951 and today it operates in the US, Europe, Australia, New Zealand, the Asia-Pacific region, and the Middle East. The Australia and New Zealand Banking Group employs more than 46,000 and operates around 34 markets worldwide. ANZ operates mostly for Australian businesses providing its services to more than 6 million Australians, it is also the largest bank in New Zealand – ANZ Bank New Zealand Limited. Same as the other big Australian banks ANZ provides everyday banking services – savings accounts and term deposits, low-interest credit cards, home loans – refinancing and buying property, loans – car, travel, and debt as well as insurance.
4. Westpac Bank
Established in 1817 the Westpac Bank was Australia’s first bank. Today Westpac bank employs around 40,000 and provides services to more than 14 million customers worldwide. Westpac Bank is divided into five divisions – Consumer Bank, Commercial and Business Bank, BT Financial Group, Westpac Institutional Bank and Westpac New Zealand providing services for millions of people worldwide. Consumer bank deals with sales and customers in Australia, Business bank – small enterprises and businesses in Australia, BT Financial Group – wealth management, Westpac Institutional Bank – government institutions, and Westpac New Zealand deals with 1,5 million customers in New Zealand.
In 1817 it was established as the Bank of New South Wales (BNSW) and in 1927 Bank of New South Wales acquired the Western Australian Bank and later on in 1982 after the merger with the Commercial Bank of Australia they changed their name to Westpac. In 2017 Westpac Bank celebrated its 200th anniversary.
5. National Australian Bank (NAB)
National Australia Bank or NAB was established in 1982 and it is one of the four largest Australian banks. NAB serves around 12 million customers and operates 1,590 branches in Australia. NAB also has around 4 thousand automated teller machines IN New Zealand and Asia. National Australia Bank is divided into 8 divisions – Business Banking, Personal Banking, UBank, and MLC & NAB Private Wealth in Australia, NZ Banking, and Wholesale Banking in New Zealand and Specialised Group Assets and Corporate Functions and Other globally. Business Banking is Australia’s largest bank and employs 5 thousand and serves 700,000 clients, Personal Banking employs 8,000 and serves 3 million customers, UBank has 100,000 customers and MLC & NAB Private Wealth has more than 5,000 employees. New Zealand divisions employ around 7 thousand and serve 1 million customers.