Top 4 Largest Banks in Australia
Largest bank in Australia is a bank that has assets in Australia and its largest customers. Bank is a financial intermediary is generally established with the authority to accept deposits, lend money, and issue promissory notes, known as banknotes. The word comes from the Italian bank Banca means the exchange. Banking sector in Australia consists of a number of banks licensed to conduct business of banking is based on the Banking Act 1959. Here are the top four largest banks in Australia.
4. National Australia Bank – Market capitalization A$ 54.54 billion
National Australia Bank was in fourth place as the largest bank in Australia. National Australia Bank (NAB) is one of the four largest banking institutions in Australia by market capitalization and customers. NAB is ranked the world’s 17th largest bank by market capitalization. The bank operates in 10 countries and serves 8.3 million consumers and business banking customers and 2.3 million wealth management customers.
3. Australia and New Zealand Banking Group (ANZ) – Market capitalization A$ 56.25 billion
Australia and New Zealand Banking Group occupies third place as the largest bank in Australia. ANZ Bank is the fourth largest bank in Australia, after the Commonwealth Bank, Westpac Banking Corporation, and National Australia Bank, founded in 1835. ANZ is also the largest bank in New Zealand, with two well-known brand that ANZ and The National Bank of New Zealand.
2. Westpac Banking Corporation – Market capitalization A$ 65.62 billion
Westpac Bank occupies the second place as the largets bank in Australia. Westpac is a multinational financial services company and become Australia’s largest bank (by market capitalization) after taking over St.George Bank, and became the second largest bank in New Zealand. This bank is one of the ‘big four’ banks in Australia, with NAB, ANZ and Commonwealth Bank.
1. Commonwealth Bank – Market capitalization of A$ 79860000000
Commonwealth Bank is the largest bank in Australia. Commonwealth Bank of Australia is a multinational bank with businesses throughout New Zealand, Fiji, Asia, the United States and Britain. Usually referred to as the Commonwealth Bank (or Commbank), it provides various financial services including retail, business and institutional banking, funds management, pension funds, insurance, investment and brokerage. Founded in 1911 by the governments of Australia, Commonwealth Bank is one of the banks ‘big four’ Australia, with National Australia Bank (NAB), ANZ and Westpac. The largest banks in Australia listed on Australian Stock Exchange in 1991 and the government fully privatized in 1996. This is largest bank in Australia.