Australia has a number of big international banks that provide services to consumers and businesses in the country. These banks provide all sorts of financial services, and they are also some of the biggest banks in the Australian economy. In this article, we are going to discuss the 10 biggest banks in Australia based on their total assets. From their establishment and functioning to their products and services and their influence on the market, we will try to determine what makes these banks special and how they became some of the biggest banks in the financial sector. So, without further ado, let’s find out the top 10 banks in Australia.
1. The Commonwealth Bank of Australia (CBA): CBA is the biggest bank in Australia and one of the biggest banks in the world. It was established in 1911 and is based in Sydney. CBA has 1,086 branches and more than 52,000 employees. In addition to its activities in Australia, CBA also has operations in New Zealand, Asia, and the United States. CBA provides personal, business and wealth management services. It is also involved in the insurance and investment fields.
2. Westpac Banking Corporation: Westpac is the second largest bank in Australia and has 1,040 branches and more than 30,000 employees. It was established in 1817 and has its headquarters in Sydney. Besides its activities in Australia, Westpac is also present in New Zealand, Asia, and the United States. Westpac offers personal and business banking, wealth management, and other financial services. It is also involved in the insurance and investment industries.
3. Australia and New Zealand Banking Group Limited (ANZ): ANZ is the third largest bank in Australia and has 842 branches and more than 31,000 employees. It was established in 1951 and has its headquarters in Melbourne. Besides its activities in Australia and New Zealand, ANZ has operations in Asia, Europe and the United States. ANZ offers personal and business banking, wealth management and other financial services. It is also involved in the insurance and investment sectors.
4. National Australia Bank (NAB): NAB is the fourth biggest bank in Australia and has 829 branches and more than 34,000 employees. It was established in 1893 and has its headquarters in Melbourne. NAB is also active outside Australia, in New Zealand, Asia and the United States. NAB offers personal, business and wealth management services. It is also involved in the insurance and investment sectors.
5. Bank of Queensland: Bank of Queensland is a regional bank which is based in Brisbane. It was established in 1874 and has 246 branches and more than 6,000 employees. Bank of Queensland offers personal, business and wealth management services. It is targeting the customers in Queensland and northern New South Wales.
6. Bank of Western Australia (Bankwest): Bankwest is a subsidiary of Commonwealth Bank of Australia and has its headquarters in Perth. It was established in 1895 and has 155 branches and more than 4,500 employees. Bankwest offers personal, business, wealth management and other financial services. It is targeted towards the customers in Western Australia.
7. Bendigo and Adelaide Bank: Bendigo and Adelaide Bank is a regional bank that is based in Bendigo in Victoria. It was established in 1858 and has 505 branches and more than 6,500 employees. Bendigo and Adelaide Bank offers personal, business, wealth management and other financial services. It is targeting customers in the regional and rural areas of Victoria and South Australia.
8. Suncorp Group: Suncorp Group is a financial services company based in Brisbane. It was established in 1902 and has 714 branches and more than 14,000 employees. Suncorp Group provides personal and business banking, wealth management and other financial services. It is also involved in insurance and investment.
9. Macquarie Group: Macquarie Group is a financial services company based in Sydney. It was established in 1969 and has 105 branches and more than 14,000 employees. Macquarie Group offers personal and business banking, wealth management, and other financial services. It is also into investment, asset management, and infrastructure.
10. ING Bank: ING Bank is a bank owned by ING Group, a Dutch financial services company. It was established in 1926 and has 41 branches and more than 4,000 employees. ING Bank provides personal, business, and wealth management services. It focuses on meeting the needs of the retail, small business and corporate customers.
The List only includes the Top 10 Banks in Australia
In conclusion, Australia has a very organized and advanced banking system with many big banks trying to grab the market and customers. The big four banks of Australia are CBA, Westpac, ANZ, and NAB in terms of size based on total assets. These banks have different histories, methods of operation, and services that they provide and are an essential part of the Australian economy. These banks provide financial products and services that include personal banking, business banking, and wealth management to individuals and institutions. Whether you are an individual looking to open a checking account or a business owner looking for a loan, there is a bank in Australia that can help you. So, whether you are a professional in the banking sector or a new user, these are the 10 largest banks in Australia that you should consider when making your financial choices.