Biggest Banks South Africa

Australia is not only large but exudes a great sense of uniqueness and diversity as well when it comes to the financial system. The banks in Australia not only offer traditional banking services but also go the extra mile to provide business banking, trading in financial markets, stockbroking, insurance, and funds management. As in January 2020, there are 53 Australian banks, 14 of which are owned by the government.

1. Commonwealth Bank

This is the largest bank in terms of assets, deposits, market capitalization and a number of branches and ATMs, headquartered in Darling Harbour, Sydney, New South Wales. It has world-class 49,000 employees handling different activities that include taking deposits, insurance, and investment banking to more than 16 million retail customers, business as well as institutional customers.

It has been documented that by end of the year 2019 the bank had assets totaling to a$980 billion, deposits were approximated at A$642 billion and the loans were at A$773 billion. The bank’s shares are traded on the Australian Securities Exchange with a market capitalization of US$107 billion.

2. ANZ Banking Group

The Australia & New Zealand banking group is based in Melbourne and it happens to be the second-largest bank in Australia in terms of assets with its 1,000 branches under the able hands of 39,000 employees.

The bank has intensified its operations internationally to more than 30 markets in Asia, Europe, and North America.

At the end of 2019, the bank had assets totaling to A$914.8 billion, deposits were approximated at A$524 billion while the share equity was approximated at A$53 billion. According to the Mozo Experts Choice Awards 2019, ANZ was ranked as the best major bank in Australia.

3. Westpac

This is the third-largest company in Australia with assets worth A$907 billion. The position is courtesy of offering a comprehensive range of financial products and services to individuals, businesses as well as corporate customers. Established in 1817, with headquarters in Sydney, it provides banking products and financial services through five divisions.

The divisions include Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac New Zealand. The bank has employed around 32,620 employees providing various services to 13 million customers.

4. National Australian Bank (NAB)

Established in 1982, NAB is the fourth largest bank in Australia with A$847.6 billion in total assets and A$466 billion deposits as at the end of 2019.

Fundamentally the bank offers savings accounts, visa debit cards, low rate credit cards, personal loans, mortgages, business loans, insurance, investments, private banking, retirement and wealth planning, asset management, travel and overseas banking, mobile and online banking, foreign exchange, and wire transfers. With an employee base of 34, 400 people, the bank has headquarters in Melbourne, Victoria.

5. Macquarie Group

Established in 1969 as an investment bank, it offers the following; asset management, banking and financial services, commodities and global markets and Macquarie capital. It also offers services of taking deposits, loans of many types, private banking, advisory services, and internet banking.

It is the largest Australian asset manager with AUM of $562 billion. The bank’s total assets were approximated at A$220 billion by the end of the year 2019.