The biggest country in Oceania, Australia financial system is second to None when it come to banking service.They have well-flourished financial regulators which s done by reserve bank of Australia.The Apex bank help to regulates and controls the monetary policy and the money supply.
The banking sectors in Australia provides Lending process to country in the form of Loan,Underwriting of shares and debentures,Issuing letters of credit, traveller’s cheque.They also provides business with financial markets, stockbroking, insurance, and funds management portfolio,credit card and savings
You can also read:List of Banks in Canada and Top 10 banks
Australia bank is divided into Nationally operating banks, State banks, Regionally operating banks and Foreign Banks .
We are going to list all the banks in Austalia base on the popularity and their size.
1. ANZ Bank
ANZ is the largest and the oldest bank in Austalia,it was Founded in 1835.it operate across the US, Europe, Australia, New Zealand, the Asia-Pacific region, and the Middle East.
2. Commonwealth Bank of Australia
The multinational bank was founded in 1911 with presence across New Zealand, Fiji, Asia, United states and United Kingdom.They are into investment Banking services along with customer and corporate banking, Private Equity, Mortgages, and Insurance.
3. National Bank of Australia
National Bank of Australia was formed in 1982 d after the merger of National Bank of Australia and Commercial Bank of Sydney. It offer variety of products ranges from Insurance and Banking, Customer Banking, Investment Banking, and Private Equity and Wealth Management services.
4. Westpac Bank
The first Australia’s bank was established in 1817 as the Bank of New South Wales.It was named Westpac Bank after BNSW merged with the Commercial Bank of Australia in 1982.
5. Macquarie Bank
This was Founded in 1969 and it offer Investment Banking, Wealth Advisory, Private Equity, Risk advisory, and retail banking services
6. Bank of Queensland
The bank of queenland is one of the oldest financial institution operating in Australia, it offers retail banking services and it was founded in 1874
7. Bendigo Bank
The bank was founded in 1858 as one of the largest retail banks in Australia after the merger of Bendigo Bank and Adelaide Bank in November 2007
8. Suncorp Bank
Suncorp Bank is Founded in 1902. They provides general insurance, banking, life insurance, and wealth management services in Australia and New Zealand after the merger of Suncorp, Metway Bank, and the Queensland Industry Development Corporation.
The bank was founded in 1895 as rural lender to support the State’s farming industries and later it was sold to the Commonwealth Bank of Australia. The Bank is majorly in home loans and personal finance loans amid retail banking, agri-business finance, credit cards, and other financial services.
10. AMP Bank LTD
The bank provides financial advice and Retail Banking both in Australia and New Zealand
Other on the lists are:
Bank of Melbourne
Bank of Sydney
Police Bank (police members and their families)
Beyond Bank Australia
G&C Mutual Bank
Teachers Mutual Bank
Foreign-owned subsidiaries IN Australia are:
Arab Bank Australia
Bank of China Australia
Deutsche Bank Australia
ING Direct (subsidiary of Dutch bank)