The Australian banking system plays a major role in the country’s financial system. Apart from traditional banking services, banks also provide business banking, trading in financial markets, stockbroking, insurance, and funds management. There are 53 Australian banks, 14 of which are owned by the government. This guide will outline the top 10 banks in Australia.
According to Moody’s, Australia’s banking system is stable while the country has strong home prices, rising household debt, and moderate wage growth. For anyone considering a career in banking in Australia, this list of top banks in Australia will be a helpful guide on where to start. To learn more, see our lists of financial institutions.
The top 10 banks in Australia are:
Commonwealth Bank is a multinational bank with presence across New Zealand, Fiji, Asia, the US, and the UK. Founded in 1911, the bank is headquartered in Sydney. The bank employs around 51,800 staff and operates more than 11,000 branches.
It is the largest of the banks in Australia and offers a diversified range of financial products and services. It currently provides retail, business, institutional banking, and wealth management products and services to its 16.6 million customers.
As of 2016, the bank’s total assets were US$740 billion and total income was US$19.52 billion.
Australia and New Zealand Banking Group (ANZ)
Founded in 1835, ANZ Bank is one of the largest Australian banks and provides various banking and financial products and services to retail, high net worth, small business, corporate, commercial, and institutional customers. The bank’s Wealth Australia division is comprised of the Insurance and Funds Management business units, which offer insurance, investment, and superannuation solutions. The bank operates in 34 markets across the US, Europe, Australia, New Zealand, the Asia-Pacific region, and the Middle East.
The bank employs around 46,000 staff and is headquartered in Melbourne. In 2016, it reported total assets of US$726 billion and posted a total income of US$4,106 million.
National Australian Bank (NAB)
Number three on the list of the top 10 banks in Australia is NAB, formed by the merger of the National Bank of Australasia and the Commercial Banking Company of Sydney in 1982. The bank provides banking products and services to individuals and businesses.
Headquartered in Docklands, NAB operates through 820 banking centers and is present in New Zealand, the US, Asia, and Europe.
NAB currently employs around 35,063 staff and serves around 8 million customers around the world. As of 2016, the total income of the bank reached US$5.1 billion and total assets amounted to US$617 billion.
Westpac Bank was Australia’s first bank, established in 1817 as the Bank of New South Wales. In 1982, it became Westpac Banking Corporation when BNSW merged with the Commercial Bank of Australia. It provides banking products and financial services through five divisions: Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac New Zealand. The bank employs around 32,620 staff. Headquartered in Sydney, Westpac serves 13 million customers.
In 2016, the bank posted a total income of US$8.1 billion and reported total assets of US$643 billion.
Bank of Queensland
Founded in 1874, Bank of Queensland is one of the oldest banks in Australia. Headquartered in Queensland, it offers retail banking services. The bank employs 48,556 individuals and operates 200 branches across Australia.
As of 2016, the bank’s total income was US$394 million and total assets were US$40.1 billion, making it one of the top Australian banks.
Headquartered in Sydney, Macquarie Bank is the largest Investment bank in Australia. Founded in 1969, the bank provides services in asset management and finance, banking, advisory, risk, and capital solutions across debt, equity, and commodities markets. Headquartered in Sydney, Macquarie Bank employs 13,597 staff.
As of 2017, the total income of the bank reached US$8.3 billion and total assets amounted to US$145 billion.
Bendigo Bank was formed by the merger of Bendigo Bank and Adelaide Bank in November 2007. The bank is one of the largest retail banks in Australia, with approximately 7,200 employees. Headquartered in Bendigo, it operates in Adelaide and South Australia, and maintains regional offices in Docklands, Melbourne, and Ipswich, Queensland.
As of 2016, the total income of the bank was US$1.23 billion and total assets were US$327.3 billion.
AMP Bank Ltd
AMP Bank was founded in 1988 and provides retail banking services. Headquartered in Sydney, the bank employs around 6,000 staff. AMP Bank provides a wide range of services, including deposits, residential mortgages, self-managed superannuation fund products, practice finance loans, as well as transaction banking services. The bank is one of the leading independent wealth management companies in Australia and New Zealand.
AMP Bank serves over five million retail customers and 400 institutional clients across Australia and New Zealand. They also operate in Asia, the Middle East, Europe, and North America.
As of 2016, the total income of the bank was US$4,923 million and total assets were $5,984 million.
Suncorp Bank provides general insurance, banking, life insurance, and wealth management services in Australia and New Zealand. Founded in 1902, the bank is based in Brisbane. Suncorp Bank employs around 13,500 individuals and serves nine million customers in Australia and New Zealand.
In 2016, the bank posted a total income of US$13.8 billion and reported total assets of US$77.06 billion.
Just recently making it onto the list of top 10 banks in Australia is Bankwest, which was founded in 1895 as a rural lender to support the State’s farming industries. In 1945, Agricultural Bank became a full-fledged trading bank. After its incorporation in 1990, it changed its name to Bankwest in 1994. Based in Perth, the bank also maintains offices in Adelaide, Brisbane, Canberra, Melbourne, and Sydney.
With just over 926 employees, Bankwest specializes in personal banking, business banking, commercial banking, corporate and private banking, trade finance, agri-business finance, credit cards, and other financial services.
As of 2016, the bank’s total income was US$1.43 billion.
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