Commonwealth Bank Australia

By: EconomyWatch Content   Date: 30 October 2009

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The largest bank by market capitalization in Australia, Commonwealth Bank of Australia, provides a number of financial services, such as retail, business and institutional banking, funds management, insurance and broking. Also referred to as the Commonwealth Bank (or Commbank), the bank is the second largest company listed on the Australian Securities Exchange (ASE) as of January 2008.

Commonwealth Bank: History

Founded in 1911 by the Australian government as the result of the Commonwealth Bank Act, the Commonwealth Bank was one of the rare banks to simultaneously offer both savings and general bank businesses. The bank also holds the distinction of becoming the first bank in Australia to receive a guarantee from the Federal Government.

Commonwealth Bank started expanding its regional reach and product offering from the year following its launch. When the bank established Bankcard, it became the first bank to introduce credit cards in the continent in 1974. Commbank has continued its efforts to extend its market reach and diversify its products, the latest evidence of which is reflected in:

  • The acquisition of BankWest and St Andrew's Insurances in October 2008

  • Purchase of Wizard Home Loans in December 2008

The bank, which was listed on the stock exchange in 1991, was fully privatized by the government in 1994. 

Commonwealth Bank: Services

Some of the key services offered by Commonwealth Bank are:

  • Retail Banking Services: This division focuses on meeting the financial requirements of personal and small business customers.

  • Premium Business Services: This division strives to provide wealth and relationship management services to the bank's premium clients. The division owns Australia’s leading online broking services, the Commonwealth Securities.

  • Wealth Management: Through this division, Commonwealth Bank offer master funds, superannuation, insurance and financial advice to its customers. This division includes the following brands:

    • Colonial First State

    • Colonial First State Global Asset Management

    • CommInsure

  • International Financial Services: The bank also provides banking, insurance and investment services in overseas locations to help its customers invest in offshore growth opportunities.  

Commonwealth Bank: Awards

Commonwealth Bank’s commitment to excel in customer services is reflected in its various award wins in 2009, such as:

  • Money magazine Awards 2009

  • Global Finance 2009

  • 2009 Australian Business Award for Community Contribution

  • Outstanding Private Banking Institution of the Year


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