Commonwealth Australia Banking

By: EconomyWatch Content   Date: 30 October 2009

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Commonwealth Bank of Australia, a renowned and trusted bank in Australia, has been serving its customers in the country since 1911. Also known as Commonwealth Australia, the bank is a key financial business listed on the Australian Stock Exchange (ASX). Over almost a century into its existence, the bank has expanded substantially within the country and overseas.

Commonwealth Australia Banking: Operations

The Australian operations play a vital role in the performance and existence of Commonwealth Bank of Australia. As on August 14, 2008, Commonwealth Australia had the following within the Australian subcontinent:

  • 1011 branches

  • 3,350 ATMs

  • Roughly 7.7 million customers

According to the March 2005 issue of Plan for Life, Commonwealth Australia had $352 million retail managed funds, making it the biggest market allocation in the country. Moreover, more than 78% of the bank’s employees in Australia are its shareholders, contributing significantly to the total number of investors of 710,000. 

Commonwealth Australia Banking: Services

Banking services offered by Commonwealth Australia in the country are:

  • Cash Management: Commonwealth Bank offers a range of cash management services designed to suit varied business needs:

    • Business Card

    • Business Transaction Accounts

    • Merchant Solutions

    • BPAY

    • Quickline

    • NetBank

    • Telephone Banking

    • Diamond Service

    • QuickCash Envelope Banking

    • LockBox

    • Agency Payment Facility

  • Loans: The bank helps businesses flourish by providing cash flow assistance. Certain proposals offered to Australian customers are:

    • Better Business Loan

    • Asset Financing

    • Overdraft

    • Receivables Finance

    • Bill Facility

    • Business Line Of Credit

    • CommSec Margin Loan

    • Credit Cards

  • Risk Management. This program enables Commonwealth Bank customers to recognize and control their interest rates, currency or commodity risks.

  • Insurance: Australian customers can protect their future by taking appropriate coverage for their life, income or business.

  • Investments: Business owners in Australia can choose from the bank’s short-term, medium-term or long-term investments to fulfill their monetary goals.

  • Electronic Banking:Commonwealth Bank offers electronic banking services to small and medium businesses through QuickLine software. The bank’s Internet banking service is called NetBank. With these services, customers can perform transactions from the convenience of their home or office.


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