By The largest banks in Australia serve as financial service providers meeting the needs of its people, based in Australia and operating in several other countries.
With the presence of large banks in Australia, they are also closely monitored to avoid abuses of power that could lead to scandals involving financial consultants in Australia.
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Through established regulations, the public can confidently engage in transactions through their chosen banks. Moreover, Australia has a long history of establishing large banks.
List of the Largest Banks in Australia
1. Commonwealth Bank of Australia (CBA) Group
The largest and most recognized financial service provider in Australia, the CBA Group is one of the largest listed companies on the Australian Stock Exchange and is included in the Morgan Stanley Capital Global Index.
The CBA operates primarily in Australia and New Zealand but also extends its services to Europe, Asia, and North America through various divisions, including business and private banking, retail banking services, ASB New Zealand, and institutional banking and markets.
The CBA boasts the largest retail customer base in Australia, with over 1,100 branches across the country. With its strong reputation and robust financial foundation, it plays a significant role in shaping the future of the banking sector in Indonesia.
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2. Westpac Banking
Westpac Banking Corporation, commonly known as Westpac, is a multinational banking and financial services company headquartered in Westpac Place, Sydney, New South Wales.
Established in 1817 as the Bank of New South Wales, it acquired the Commercial Bank of Australia in 1981 and adopted the name Westpac Banking Corporation in 1982.
Westpac is one of the four largest banks in Australia and the oldest bank in Australia, founded in Sydney in 1817 under Governor Lachlan Macquarie.
As of 2023, the bank serves 13 million customers worldwide and employs approximately 36,000 people. In 2022, it ranked 53rd in the Top 1000 World Banks list.
Westpac has a long history as Australia’s first bank and continues to be a cornerstone of the country’s financial system.
3. National Australia Bank (NAB)
The National Australia Bank (NAB) is also one of the largest banks in Australia, well-known for its market capitalization and customer base, ranking 17th among the world’s largest banks.
The bank operates in 10 countries, serving 8.3 million consumer and business banking customers and 2.3 million wealth management customers.
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NAB operates 1,808 branches and 4,654 ATMs globally and has been assigned an AA S&P senior debt rating. The bank has engaged in numerous acquisitions and divestments as part of its growth strategy.
4. ANZ
ANZ is the fourth-largest bank in Australia after Commonwealth Bank, Westpac Banking Corporation, and National Australia Bank.
Established in 1835, it is also the largest bank in New Zealand and operates under two well-known brands, ANZ and The National Bank of New Zealand. ANZ has a presence in numerous countries worldwide, including the UK, the US, France, China, Japan, and many others.
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5. Macquarie Group Limited
Macquarie Group Limited is a global diversified financial services provider headquartered in Sydney, Australia. It offers banking, financial advisory, investment, and asset management services to institutional, retail, and corporate clients worldwide.
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Macquarie is the largest investment bank and advisory firm in Australia and is regulated by APRA, the Australian banking regulator. As of October 30, 2009, the bank reported a net profit after tax of A$479 million, representing a 79% increase from the previous year. Macquarie has a strong presence in Australia and New Zealand and is one of the largest shareholders in both countries.
6. AMP
AMP is a financial services company based in Sydney, Australia, providing a range of products, including pension funds, investments, financial advice, and banking services through AMP banking, such as home loans and savings accounts.
Established in 1849 as a life insurance and mutual society, AMP demutualized in 1998 and became a public company listed on the Australian and New Zealand stock exchanges.
AMP is one of the largest shareholders in Australia, with the majority of its shareholders residing in Australia and New Zealand.
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Upon demutualization, policyholders received shares in the new company, cementing its position as a significant player in the Australian financial market.
