Category: Australia Banks

Aussie PM Turnbull Takes a Swipe at Banks…at a Bank Luncheon


Prime Minister Malcolm Turnbull has given Australia’s banks a bollocking for unethical behaviour, suggesting they have not repaid the support they received during the global financial crisis.

Speaking at Westpac’s 199th birthday lunch – a day after the Australian Securities and Investment Commission launched legal action against the bank for allegedly manipulating the bank bill swap rate (BBSW) – Turnbull said many Australians were asking whether banks had lived up “to the standards we expect”.

Commercial Banks in Australia


Commercial Banks in Australia

Banking in Australia has had many restrictions and regulations, especially in the past. Up until the 1980s it was very difficult for foreign banks to set up in Australia. As a result, Australia had a very limited number of banks.

Banks were separated into two categories: Saving banks and trading banks. Saving banks were mostly dedicated to offering mortgages, and they paid very little interest on their deposits. Trading banks were commercial banks.

Commonwealth Bank Australia


 

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.[br]

 

Macquarie Bank


 

A renowned Australian investment bank headquartered in Sydney, Macquarie Bank Limited is a global investment banking and diversified financial services group. Founded in 1969, the bank operates in over 70 office locations in 26 countries, including Africa, the Americas, Asia, Australasia and Europe. Macquarie Bank was restructured as a wholly owned subsidiary of Macquarie Group Limited in November 2007.[br]

 

Australia Banks


The Australian Government began deregulating Australia banks in 1993. Following the deregulation, foreign banks were allowed to enter the country more easily, while the distinction between trading banks and savings bank was abolished. The banks that drive and determine the Australian banking sector are Commonwealth Bank of Australia, Australia and New Zealand Banking Group, Westpac Banking Corporation and National Australia Bank.[br]