Commonwealth Bank

Australian multinational bank

The Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom. It provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance, investment and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of August 2015 with brands including Bankwest, Colonial First State Investments, ASB Bank (New Zealand), Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure).[3] Commonwealth Bank is also the largest bank in the Southern Hemisphere.[4]

Commonwealth Bank of Australia
Public
Traded asasx:CBA
IndustryBanking and financial services
Founded
  • 22 December 1911 (1911-12-22), as a government bank
  • 1991 (1991), as a public company
HeadquartersSydney, Australia
Number of locations
1,100+ branches
4,300+ ATMs[1]
Area served
  • Australia
  • Asia
  • New Zealand
  • United States
  • United Kingdom
Key people
Catherine Livingstone, Chairman
Matt Comyn, CEO and Managing Director
Products
RevenueDecrease A$30.16 billion (2020)[2]
Increase A$9.63 billion (2020)[2]
Total assetsIncrease A$1014.06 billion (2020)[2]
Total equityIncrease A$72.01 billion (2020)[2]
Number of employees
43,585 (2020)[2]
Divisions
CommBank divisions
  • Retail Banking Services
  • Business and Private Banking
  • Institutional Banking and Markets
  • Wealth Management
  • International Financial Services[2]
Subsidiaries
Websitecommbank.com.au

Founded in 1911 by the Australian Government and fully privatised in 1996, the Commonwealth Bank is one of the "big four" Australian banks, with the National Australia Bank (NAB), ANZ and Westpac. The bank was listed on the Australian Stock Exchange in 1991.

The former global headquarters of Commonwealth Bank were the Commonwealth Trading Bank Building on the corner of Pitt Street and Martin Place, Sydney, which was refurbished from 2012 for retail and commercial uses, and (from 1984 to 2012) the State Savings Bank Building on Martin Place, which was sold in 2012 to Macquarie Bank. The headquarters were moved to Tower 1, 201 Sussex Street and two new nine-storey buildings which were built at the site of the former Sega World Sydney, in Darling Harbour on the western side of Sydney's city centre.

In 2018, findings from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry have indicated a negative culture within the Bank, amid allegations of fraud, deception, and money laundering, among various other crimes.[5]

ReferencesEdit

  1. "Commonwealth Bank overview". Retrieved 5 August 2016.
  2. 2.0 2.1 2.2 2.3 2.4 2.5 "Together We Can: 2020 Annual Report" (PDF). 30 June 2020. Retrieved 30 August 2020.
  3. "ASX 200 List / Market Capitalisation Accurate on: 22 August 2015". ASX 200. Australian Securities Exchange. 22 August 2015. Retrieved 3 September 2015.
  4. "World's Largest Banks by market capitalization 2015". relbanks.com. 2015.
  5. Houston, Chris Vedelago, Cameron (11 May 2018). "Cocaine, girls, million-dollar fraud: What the Commonwealth Bank lender did next". The Sydney Morning Herald.