TOP-5 Banks in Australia

Australia’s banking sector is strong and well developed. The Reserve Bank of Australia regulates banks and the monetary policy of the country. In Australia, different banks operate in different capacities. There are major banks that operate nationwide. There are state banks that operate in specific states, and then there are foreign banks. This article lists the top banks of Australia along with a brief description.

ANZ Bank

ANZ is Australia’s oldest operating bank, and it also works in New Zealand. The Bank of Australasia and Union Bank of Australia merged to establish ANZ on October 1, 1951. Its headquarters are in Melbourne, Australia. The bank has more than 37,000 employees, and it maintains one of the largest banking operations in the Asia Pacific. In 2020, Red Hat named ANZ the leader in Digital Transformation and Cloud-Native Development. In addition to Australia and New Zealand, ANZ has operations in the US, Europe, the Asia-Pacific, and the Middle East. The bank offers financial services to small and medium-sized businesses, retail, and industrial and commercial clients.

Commonwealth Bank of Australia

Commonwealth Bank is one of Australia’s top four banks. It also operates internationally and has branches in Asia, New Zealand, the US, and the UK. Headquartered in Sydney, the bank is in continuous operation since 1911. The bank employs more than 43000 staff, and it provides services via its vast network of over 1000 branches and greater than 4000 ATMs. It offers a diverse array of services and financial products, including and not limited to investment banking, corporate banking, equity, mortgages, and insurance.

National Bank of Australia

In 1982, the National Bank of Australia and Commercial Bank of Sydney merged to form the new NBA. Headquartered in Melbourne, the bank has since evolved to become one of the country’s most trusted banks. The NBA has over 34,000 employees working in more than 900 branches serving almost nine million customers. As of 2020, the total assets of NBA are about 867 Billion AUD and a net income of 19.1 Billion AUD. The bank offers insurance and banking, including customer banking, investment banking, private equity, and wealth management.

Westpac Bank

One of the oldest, the Westpac Bank, is among Australia’s four major banks. It has a network of more than 1200 branches and over 3200 ATMs. Westpac employs 3,200 staff to serve over 13 million customers. Westpac Banking Corporation’s gross assets grew to about AUD 912 billion in 2020 with AUD 20.6 billion’s net revenue. The bank provides online banking, insurance, and financial services, including customer banking, equity, and asset management.

Macquarie Bank

Macquarie was established on December 10, 1969. Headquartered in Sydney, it is a multinational independent investment bank with over 14,000 employees working in 25 countries. The Macquarie bank offers financial services ranging from investment banking and wealth advisory to private equity, retail banking, and risk assessment. Besides, the bank provides infrastructure asset management and advice on mergers and acquisitions.

Also, several banks operating in Australia have a substantial customer base. Most notable of these banks include AMP Bank, Suncorp Bank, Bank of Queensland, Bendigo Bank, Bankwest, etc.

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