Top 10 Banks in Australia 2015
The banking sector of Australia consists of many major and regional banks which are licensed under the Banking act 1959.The foreign banks are licensed to operate through their branch in Australia. The major segments are Central Bank, Australian-owned banks, Foreign-owned subsidiary banks, branches of foreign banks etc. The banking system is very competitive and well-developed. The banks are under the obligation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The banks are required to identify customers and then monitor them using a risk-based approach, maintain a compliance program, and report to Australian Transaction Reports and Analysis Centre (AUSTRAC) of any suspicious matters and file annual compliance reports.
The ranking of the top 10 banks in Australia is based on their Total Assets figures as profit doesn’t truly show the real financial condition of a bank. Total assets actually show the amount a bank has for transaction purposes.
10. Bank of Queensland
Bank of Queensland is an Australian banking and financial services company headquartered in Brisbane, Australia.
It is one of the leading and independent regional banks of Australia which offers alternative to anyone who is looking for full range of personal and professional bank services. Established in 1874, it has a network of about 270 branches in Australia with an employee strength of 1779. It has a market capitalization of 3.9 billion dollars. The bank operates its business through two segments: Banking and Insurance. It provides various financial services and products to its customers which include Savings Accounts, Personal Loans Insurances, Investing, International Services, Mortgagees, Investment Accounts, and Business Loans etc. Mr Davis is the chairman of the bank. Jon Sutton was appointed Managing Director and Chief Executive Officer in January 2015.It is ranked at 1805 out of Forbes Global 2000 companies. Forbes calculate Global 2000 by compiling a composite score for each company based on their rankings for profits, sales, assets and market value. The highest composite score gets the highest rank and then the ranking of Forbes 2000 is done in descending order. Bank of Queensland is ranked 10st on the basis of total asset figure in Australia.
Revenue $2.14 B
Profit $247.3 M
Asset $37.49B
9. Bendigo & Adelaide Bank
Originated 150 years ago in two of the great Australian communities, Adelaide in South Australia and Bendigo in Victoria, this bank is now a top 60 ASX listed company.
It is owned by more than 90,000 shareholders. It was founded in 1858, but it merged with Adelaide Bank in 2007 to get the name changed to Bendigo and Adelaide Bank. It has around 4400 employees, who serve about 1.5 million customers in about 500 communities Australia-wide. Bank operates a number of brands which offer a diverse range of services and products such as deposit taking, lending, superannuation and funds management, leasing finance, treasury and foreign exchange services, insurance, financial advisory and trustee services that can satisfy all our customers' needs and wants. The company operates through four major segments: Retail Banking, Wealth, Third Party Banking, and Rural Bank. The CEO of the bank is Michael Hirst. It is ranked 1,444 in Forbes Global 2000. Forbes calculate Global 2000 by compiling a composite score for each company based on their rankings for profits, sales, assets and market value. The highest composite score gets the highest rank and then the ranking of Forbes 2000 is done in descending order. It is ranked ninth based on its total assets figure and has a market capitalization of $ 4.3 billion.
Revenue $3 B
Profit $377.6 M
Asset $53.54 B
8. Bankwest
Federal government of Australia follows the “Four Pillar Policy” to maintain the status quo and through this policy it was able to reinforce the status of big 4 banks of Australia during the global recession of 2008-2009.
During this time Westpac acquired St. George Bank and the Common wealth Bank acquired Bankwest. The bank is situated in Perth. Though it is owned by Commonwealth bank but it still operates independently. This bank is making news due to its philanthropic efforts which includes $1mn in scholarships. It has over 1mn customers. The bank is also known “The bank of Western Australia”. It was founded in 1895.The key executives of the bank are Mark Reid, Jason Clifton, Rob De Luca, Vittoria Shortt and Sue Tindal. Bank west provides various banking services and products and services to its customers like savings & term deposits, credit cards, home loans, personal loans, business loans, business credit cards, international trade. It is ranked eighth among the banks in Australia based on total assets figure. The data of 2015 is not available so these are the figures of last year. It is ranked 8th based on its total assets figure as of 31st Dec 2014.
Revenue: $ 0.907 B
Profit: $ 0.353 B
Assets: $ 75.056 B
7. Suncorp Group Ltd
Suncorp Group was founded on December 1, 1996 with its headquarters in Brisbane, Australia. It is Australia’s largest general insurance group.
Patrick Snowball is the CEO of the bank and it has Ziggy S as the Chairman of the bank. The bank has around 14500 employees. It is ranked 516 in Forbes Global 2000. Forbes calculate Global 2000 by compiling a composite score for each company based on their rankings for profits, sales, assets and market value. The highest composite score gets the highest rank and then the ranking of Forbes 2000 is done in descending order. It operates in different business segments: Banking, Commercial Insurance, Personal Insurance, and General Insurance to name a few. The services provided by the bank include personal and commercial banking, personal loans, property and equipment finance, home insurance, agribusiness products, financial planning, and fund administration. Suncorp Group Limited is a top 20 ASX-listed company. Suncorp has five main businesses: Commercial Insurance; Vero New Zealand; Personal Insurance; Suncorp Bank and Suncorp Life. These are supported by corporate and shared services divisions. It is ranked seventh based on total assets figure with the market capitalization of $ 13.5 billion.
Revenue $14.94 B
Profit $732.8 M
Asset $77 B
6. AMP Bank ltd
It is an Australian bank which provides global financial services and is headquartered in Sydney, Australia.
The company was founded in 1849 as the Australian mutual provident society and it became a public company in 1998. Craig Meller is the CEO .The bank employees around 5,700 people. It is ranked 448 in Forbes Global 2000. Forbes calculate Global 2000 by compiling a composite score for each company based on their rankings for profits, sales, assets and market value. The highest composite score gets the highest rank and then the ranking of Forbes 2000 is done in descending order. It has a market capitalisation of 14.8 billion dollars. The company provides various financial services and products such as banking, life insurance, managed funds, financial planning and advice, property, superannuation, listed assets and infrastructure. It operates through the AMP Capita segments and AMP Financial Services. The AMP Financial Services segment provides, retirement savings superannuation, financial planning advice and selected banking products through financial planners. The AMP Capital segment operates as an investment manager, which manages investments, including equities, property, fixed interest, infrastructure diversified funds and multi-manager funds. It is ranked at 6th position by total assets.
Revenue $15.58 B
Profit $796.8 M
Asset $110.36 B
5. Macquarie Bank Ltd
Macquarie Bank is a global banking and financial services company headquartered in Sydney, Australia. It was founded in 1970.
It provides services such as banking, funds management and financial advisory and investment, to retail, corporate and institutional clients around the world. Nicholas Moore is the CEO and the company has an employee strength of 13,663. The bank operates through various segments: Macquarie capital Macquarie funds group, Corporate and asset finance, Macquarie securities group, banking and financial services group, and fixed income, currencies and commodities. The company provides various products such as, Superannuation, Investment, Loans, Trading, Insurance, Credit Cards, Savings Accounts, Lending, and Leasing etc. The bank has a market capitalization of $ 20 billion. It is ranked 389 in Forbes Global 2000. Forbes calculate Global 2000 by compiling a composite score for each company based on their rankings for profits, sales, assets and market value. The highest composite score gets the highest rank and then the ranking of Forbes 2000 is done in descending order. It is ranked 5th based on total assets. The Macquarie Securities Group segment consists of, arbitrage trading, institutional cash equities, synthetic products, retail derivatives and securities borrowing and lending. The Macquarie Capital segment offers equity and debt capital markets, corporate finance and advisory services, and principal investments. It has a market capitalisation of $20 billion.
Revenue $10.96 B
Profit $1.23 B
Asset $142.05 B
4. Westpac
Westpac has a proud history of being Australia's first and oldest bank.
It was founded in 1817 but it got its name changed from Bank of New South Wales to Westpac Banking Corporation in October 1982.It provides a variety of banking and financial services, which includes institutional banking, retail and wealth management services. The company operates its business through the following segments: Westpac Institutional Bank Australian Financial Services, and Westpac New Zealand. The Westpac Institutional Bank segment provides a broad range of financial services to corporate, institutional, commercial and government customers with connections to Australia and New Zealand. The Australian Financial Services segment takes care of Australian retail banking, and wealth operations. The Westpac New Zealand segment looks after sales and service of insurance and wealth products for business, consumers, and institutional customers in New Zealand. The company has an employee strength of 36373. The company operates through a network of 1200 branches and serves more than 12.2 million customers worldwide. Some of the key executives of the bank are Gail Kelly (CEO and Managing Director) and Lindsay Maxsted (Chairman). Federal government of Australia follows the “Four Pillar Policy” to maintain the status quo and through this policy it was able to reinforce the status of big 4 banks of Australia during the global recession of 2008-2009.During this time Westpac acquired St. George Bank and the Common wealth Bank acquired Bankwest. It has a market cap of $94.2 bn .It is ranked 60 in Forbes global 2000. Forbes calculate Global 2000 by compiling a composite score for each company based on their rankings for profits, sales, assets and market value. The highest composite score gets the highest rank and then the ranking of Forbes 2000 is done in descending order.
Revenue $35.56 B
Profit $6.95 B
Asset $674.53 B
3. ANZ bank
The Australia and New Zealand Banking Group Limited is an Australian banking and financial services company.
The Company was founded in 1970 and has its headquarters in Docklands, Australia. Michael Smith is the CEO and John Morschel is the Chairman. The bank has an employee strength of 50328 according to Forbes. It provides various banking services to corporate, retail, and institutional clients. The products include Consumer Banking, Finance and Insurance, Private Equity, Investment Management, Investment Banking, Corporate Banking Global wealth Management, Mortgages, Credit Cards and Loans etc. The different segments of the bank are: Retail Products, Retail Distribution, Wealth, Commercial Banking in Australia; ANZ Bank, UDC Finance, Bonus Bonds, Direct Broking in New Zealand. It is ranked third among the banks based on total assets figure .It also operates in other countries like UK, US but Australia division handles commercial and retail banking. It is ranked 75 in Forbes global 2000 and has a market capital of $77.6bn. Forbes calculate Global 2000 by compiling a composite score for each company based on their rankings for profits, sales, assets and market value. The highest composite score gets the highest rank and then the ranking of Forbes 2000 is done in descending order.
Revenue $32.61 B
Profit $6.68 B
Asset $676.7 B
2. Commonwealth Bank
Commonwealth Bank of Australia came into existence in 1911 .It employees 44329 employees and has its headquarters in Sydney, Australia.
Ian Narev is the CEO. It is ranked 47 in Forbes Global 2000. Forbes calculate Global 2000 by compiling a composite score for each company based on their rankings for profits, sales, assets and market value. The highest composite score gets the highest rank and then the ranking of Forbes 2000 is done in descending order.
It provides a range of financial products and services such as superannuation, retail, investment and broking, funds management, institutional banking and business, insurance services. The other banking products include Credit Cards, Mortgages ,Corporate Banking, Private Equity, Investment Management, Global Wealth Management, , and Loans etc. It is ranked second based on total assets figure and the bank with a market capitalization of $ 117 billion. The company operates its business in six segments: Business and Private Banking, Institutional Banking and Markets, New Zealand, Retail Banking Services, Bankwest and Other Divisions. The Other Divisions segment consists of international financial services like investments in Vietnamese and Chinese retail banks, the joint venture between the life insurance operations in Indonesia and Chinese life insurance business.
Revenue $39.58 B
Profit $8.07 B
Asset $696.18 B
1. National Australia Bank
National Australia Bank came into existence in October 4, 1858 and has its headquarters in Docklands, Australia.
The bank has an employee strength of 42,853. It operates through a network of around 1808 branches across 10 countries serving 8.3 million business banking customers and over 2.3 million wealth management customers. Cameron Clyne is the CEO and Michael Chaney is the Chairman of the bank. It operates through the following business segments: Personal Banking, Business Banking, NAB Wealth and NZ Banking, and Wholesale Banking. The various products and services of the bank include Credit Card, Personal Loan, Home Loan, Insurance, Saving Account, and Investment in Personal Banking; Loans and Finances, Cards, Payments and Merchants in Business Banking.. The Business Banking segment provides commercial banking services to business customers. The Personal Banking segment offers services to retail customers and small businesses. The Wholesale Banking segment is a global division with key lines of business comprising treasury, specialized finance, global markets, financial institutions and asset servicing. The NAB Wealth segment provides insurance, financial advice, investments, and private wealth services. The NZ Banking segment offers a range of UK banking services in these geographies. It is ranked first among the banks in Australia based on total assets figure and the bank has a market capitalization of $ 71.7 billion. It is ranked 83 in Forbes global 2000.
Revenue $33.44 B
Profit $4.87 B
Asset $772.93 B
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