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Top Australian Banks

Date Added: December 06, 2010 03:24:47 PM
Despite the government's push for heavier competition in the banking sector, Australia's financial industry is still heavily concentrated and dominated by four big banks – Westpac, National Australia Bank, Commonwealth Bank of Australia, and Australia New Zealand Bank (ANZ). These four Australian banks are commonly referred to as the big four, and the government of Australia has even estates the four pillars policy to keep these banks for merging with each other in order to promote fair banking competition. The following paragraphs outline basic information about the four major banks in Australia.

Westpac

Westpac was founded in 1817, in Sydney, Australia, as the first bank in Australia, and has since amassed more than 8 million clients. Westpac is currently the second largest bank in Australia, with more than three thousand shareholders, and two hundred branches throughout Australia. Westpac offers an assortment of retail and commercial banking products and services through their user-friendly web site, and is able to accommodate the banking needs of almost anyone.

National Australia Bank

National Australia Bank (NAB) currently employs more than 40,000 people, with almost 2000 locations, and a 0.5 million shareholders around the world. Through a plethora of brands, the bank currently serves business and personal clients located in Australia, the Asia-Pacific region, the United Kingdom, and the United States. Some of the more popular brands owned and operated by NAB include Ubank, Bank of New Zealand, and Yorkshire Bank.

Commonwealth Bank of Australia

Commonwealth bank of Australia currently employs more than 40,000 individuals, with more than a thousand branch locations, and approximately three million customers. Commonwealth bank of Australia provides banking products and services that include personal banking, business banking, retail banking, institutional banking, funds management, and superannuation. The Commonwealth Bank of Australia call center regularly accommodates more than 120 million calls each year, and the bank currently has more than 4,000 ATMs throughout the nation.

ANZ Bank

ANZ bank was founded about 170 years ago, and currently has nearly 6 million retail banking customers located in 32 countries throughout the world. ANZ has added more than 1000 ATMs to its network within the last 5 years alone, all of which can be found using ANZ's online ATM finding tool. With 40,000 banking employees, ANZs primary focus is providing unique banking products and services through their recently redesigned online banking interface.

The above four banks have histrionically led and dominated the Australian banking industry, and despite federal efforts to stimulate competition and create a more diverse Australian banking sector, these institutions have consistently remained on top.