Commonwealth Bank of Australia
Encyclopedia
The Commonwealth Bank of Australia is a multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom. Commonwealth Bank provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance, investment and broking services. Commonly referred to as the Commonwealth Bank (or Commbank), The Commonwealth Bank is now the second largest Australian listed company on the Australian Securities Exchange
as of January 2008 with brands including BankWest, Colonial First State Investments Limited, ASB Bank
(New Zealand), Commonwealth Securities Limited (CommSec) and Commonwealth Insurance Limited (CommInsure).
Founded in 1911 by the Australian government, the Commonwealth Bank is one of the 'big four' Australian banks, with National Australia Bank
(NAB), ANZ and Westpac
. The bank listed on the Australian Stock Exchange in 1991 and the government fully privatised it in 1996.
in 1911, introduced by the Andrew Fisher
Labor
Government, which favoured bank nationalisation. In a rare move for the time, the bank was to have both savings and general bank business. The bank was also the first bank in Australia to receive a Federal Government guarantee. The bank's earliest and most strenuous proponent was the flamboyant American-Australian Labor politician, King O'Malley
, and its first Governor was Sir Denison Miller
.
The bank opened its first branch in Melbourne
on July 15, 1912. In an agreement with Australia Post
that exists to this day, the bank also traded through post office agencies. In 1912 it merged with the state savings bank in Tasmania
, and by 1913 it had branches in all six states.
In 1916 the bank moved its head office to Sydney
. It also followed the Australian army into New Guinea
, where it opened a branch in Rabaul
and agencies elsewhere.
In 1920, the bank took over from the Department of the Treasury the responsibility for the issue of Australian bank notes, the beginning of its acquisition of central bank
powers.
In 1920, the Commonwealth Bank merged with the state savings bank in Queensland
.
In 1931 the government transferred to the bank the savings bank business of the Government Savings Bank of New South Wales (est. 1871), and the current account and fixed deposit business of the Rural Bank Department. The bank also acquired the State Savings Bank of Western Australia (est. 1863).
government of James Scullin
. The bank's chairman Robert Gibson
refused to expand credit in response to the Great Depression
(as had been proposed by Treasurer Edward Theodore) unless the government cut pensions, which Scullin refused to do. Conflict surrounding this issue led to the fall of the government, and to demands from Labor for reform of the bank and more direct government control over monetary policy.
In 1942, the Commonwealth Banking Corporation (CBC) suspended its operations in Papua New Guinea
as the Japanese Army captured many of the towns in which it operated, and bombed Port Moresby
. The bank resumed operations later, possibly in 1944.
The bank had many branches across Papua New Guinea including Port Moresby, Boroko, Rabaul, Lae, Wau, Bulolo, Goroka, Kavieng, Madang, Mount Hagen, Kundiawa, Popondetta and Wewak. On Bougainville there was Kieta, Panguna, Arawa and early on a part time sub branch at Loloho. The bank maintained those facilities to support trade, local business, government and small savers.
The Commonwealth Bank received almost all central bank powers in emergency legislation passed during World War II
and at the end of the war it used this power to begin a dramatic expansion of the economy. This was also the aim of the Government at the time. The Government attempted to compel the Australian states to conduct their banking with the Commonwealth under the Banking Act 1945 (Cth), but the High Court in Melbourne Corporation v Commonwealth (1947) 74 CLR 31, blocked this move. The government also colossally expanded immigration programmes. To respond to this, the bank established a Migrant Information Service (later known as the Australian Financial & Migrant Information Service [AFMIS]). The bank expanded during this period. In just five years it opened hundreds of branches throughout Australia and in 1951 it established a branch in the Solomon Islands
.
In 1958 and 1959, there was a controversy concerning the dual function of the bank as the central bank on the one hand and a commercial bank on the other. As a result of this, the government split the bank, giving the central bank function to the Reserve Bank of Australia
, with the Commonwealth Banking Corporation (CBC) retaining its commercial banking functions. These commercial functions were exercised by the CBCs constituent banks, the Commonwealth Trading Bank of Australia (CTB), the Commonwealth Savings Bank of Australia (CSB) and the newly-formed Commonwealth Development Bank (CDB).
From 1958 to 1976 the Commonwealth Bank operated savings bank agencies in the New Hebrides
.
The bank actively supported the introduction of decimal currency in the years leading up to 1966 and, like most banks, it gradually converted its paper records onto a new computer-based system. The bank created the first credit card
in Australia in 1974 when it established Bankcard. In later years the bank began offering Mastercards
(1984) and Visa
(1993) cards as well.
In 1974, as Papua New Guinea
approached independence, the bank formally handed over its PNG operations to the newly created and government-owned Papua New Guinea Banking Corporation
(PNGBC). The bank retained a restricted branch in Port Moresby that it finally closed in 1982.
In 1981 the bank transferred its operations in the Solomon Islands
to the National Bank of Solomon Islands
, which operated as a joint venture (51-49, Commonwealth and Government of the Solomon Islands).
in New Zealand
.
In 1991 the bank acquired the failing Victorian Government-owned State Bank of Victoria
(est. 1842).
In 1994 Commonwealth sold its shares in National Bank of Solomon Islands
to Bank of Hawaii
.
In 1994, Commonwealth took a 50% share in PT Bank International Indonesia.
On 10 March 2000, the Commonwealth Bank and Colonial Limited announced their intention to merge, with seven Commonwealth Bank shares being offered for twenty Colonial Shares. The merger received final approval from the Supreme Court of Victoria on 31 May 2000 and was completed on 13 June 2000. This brought into the fold Colonial’s stake in Colonial National Bank
, the former National Bank of Fiji. The bank also acquired the remaining 25% of ASB Bank
.
Banking opportunities in Asia saw the Bank in 2000 acquire full ownership of PT Bank International Indonesia and rename it (PT Bank Commonwealth). This bank now has over 16 branches and has opened several FX shops to cater to Commonwealth Bank clients who are tourists in Bali
.
, India
.
On 27 January 2006 the bank acquired the remaining 49% stake in Colonial National Bank (Fiji)
At the beginning of 2008, Commonwealth Bank opened a branch in Ho Chi Minh City
(Saigon). Then in October, Commonwealth announced that it had purchased BankWest and St Andrew's Insurances from their parent company HBOS plc for A$
2.1 billion. The acquisition is scheduled to be completed in early 2009, subject to regulatory approval. Lastly, on 24 December, Commonwealth announced that it had, in joint partnership
with Aussie Home Loans, purchased Wizard Home Loans. As part of the deal, the Commonwealth Bank will acquire Wizard mortgages up to the value of A$
4 billion. The Commonwealth Bank currently owns a 33% stake in Aussie. Commonwealth Bank held about 30 percent of the loan business of financial advisory company Storm Financial
when it collapsed in January 2009.
In December 2009, Commonwealth sold Colonial National Bank
to Bank of South Pacific
.
, Colonial First State Global Asset Management and CommInsure all form part of Wealth Management.
The Bank's service of business customers, ranging from small business owners to large institutional clients, is diverse and draws upon the products and services offered by all divisions of the Commonwealth Bank group.
New Zealand
Asia Pacific
Australian Securities Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
as of January 2008 with brands including BankWest, Colonial First State Investments Limited, ASB Bank
ASB Bank
ASB is a New Zealand bank owned by the Commonwealth Bank of Australia, which is listed on the Australian Stock Exchange. It is one of the largest New Zealand banks, with branches throughout the country. It operates BankDirect, a branchless banking service that provides service via phone, Internet,...
(New Zealand), Commonwealth Securities Limited (CommSec) and Commonwealth Insurance Limited (CommInsure).
Founded in 1911 by the Australian government, the Commonwealth Bank is one of the 'big four' Australian banks, with National Australia Bank
National Australia Bank
National Australia Bank is one of the four largest financial institutions in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation...
(NAB), ANZ and Westpac
Westpac
Westpac , is a multinational financial services, one of the Australian "big four" banks and the second-largest bank in New Zealand....
. The bank listed on the Australian Stock Exchange in 1991 and the government fully privatised it in 1996.
Foundation and early history (1911-1941)
The Commonwealth Bank of Australia was founded by the Commonwealth Bank ActAct of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
in 1911, introduced by the Andrew Fisher
Andrew Fisher
Andrew Fisher was an Australian politician who served as the fifth Prime Minister on three separate occasions. Fisher's 1910-13 Labor ministry completed a vast legislative programme which made him, along with Protectionist Alfred Deakin, the founder of the statutory structure of the new nation...
Labor
Australian Labor Party
The Australian Labor Party is an Australian political party. It has been the governing party of the Commonwealth of Australia since the 2007 federal election. Julia Gillard is the party's federal parliamentary leader and Prime Minister of Australia...
Government, which favoured bank nationalisation. In a rare move for the time, the bank was to have both savings and general bank business. The bank was also the first bank in Australia to receive a Federal Government guarantee. The bank's earliest and most strenuous proponent was the flamboyant American-Australian Labor politician, King O'Malley
King O'Malley
King O'Malley was an Australian politician. He was a member in the South Australian House of Assembly from 1896 to 1899, and the Australian House of Representatives from 1901 to 1917. O'Malley was also Minister for Home Affairs in the second and third Fisher Labor ministry...
, and its first Governor was Sir Denison Miller
Denison Miller
Sir Denison Samuel King Miller KCMG, was the first governor of the Commonwealth Bank of Australia.-Early life:Miller was born at Fairy Meadow, near Wollongong, New South Wales, the son of Samuel King Miller, head teacher of the Deniliquin public school and his wife Sarah Isabella, née Jones where...
.
The bank opened its first branch in Melbourne
Melbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
on July 15, 1912. In an agreement with Australia Post
Australia Post
Australia Post is the trading name of the Australian Government-owned Australian Postal Corporation .-History:...
that exists to this day, the bank also traded through post office agencies. In 1912 it merged with the state savings bank in Tasmania
Tasmania
Tasmania is an Australian island and state. It is south of the continent, separated by Bass Strait. The state includes the island of Tasmania—the 26th largest island in the world—and the surrounding islands. The state has a population of 507,626 , of whom almost half reside in the greater Hobart...
, and by 1913 it had branches in all six states.
In 1916 the bank moved its head office to Sydney
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
. It also followed the Australian army into New Guinea
New Guinea
New Guinea is the world's second largest island, after Greenland, covering a land area of 786,000 km2. Located in the southwest Pacific Ocean, it lies geographically to the east of the Malay Archipelago, with which it is sometimes included as part of a greater Indo-Australian Archipelago...
, where it opened a branch in Rabaul
Rabaul
Rabaul is a township in East New Britain province, Papua New Guinea. The town was the provincial capital and most important settlement in the province until it was destroyed in 1994 by falling ash of a volcanic eruption. During the eruption, ash was sent thousands of metres into the air and the...
and agencies elsewhere.
In 1920, the bank took over from the Department of the Treasury the responsibility for the issue of Australian bank notes, the beginning of its acquisition of central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
powers.
In 1920, the Commonwealth Bank merged with the state savings bank in Queensland
Queensland
Queensland is a state of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south respectively. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean...
.
In 1931 the government transferred to the bank the savings bank business of the Government Savings Bank of New South Wales (est. 1871), and the current account and fixed deposit business of the Rural Bank Department. The bank also acquired the State Savings Bank of Western Australia (est. 1863).
Central Bank (1920-1960)
The bank's role in central banking expanded gradually after 1920. In 1931, the bank board came into conflict with the LaborAustralian Labor Party
The Australian Labor Party is an Australian political party. It has been the governing party of the Commonwealth of Australia since the 2007 federal election. Julia Gillard is the party's federal parliamentary leader and Prime Minister of Australia...
government of James Scullin
James Scullin
James Henry Scullin , Australian Labor politician and the ninth Prime Minister of Australia. Two days after he was sworn in as Prime Minister, the Wall Street Crash of 1929 occurred, marking the beginning of the Great Depression and subsequent Great Depression in Australia.-Early life:Scullin was...
. The bank's chairman Robert Gibson
Robert Gibson
Robert Gibson may refer to:* Robert W. Gibson , English-American ecclesiastical architect active in New York City* Robert Gibson , Australian businessman* Robert Gibson , American baseball player...
refused to expand credit in response to the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
(as had been proposed by Treasurer Edward Theodore) unless the government cut pensions, which Scullin refused to do. Conflict surrounding this issue led to the fall of the government, and to demands from Labor for reform of the bank and more direct government control over monetary policy.
In 1942, the Commonwealth Banking Corporation (CBC) suspended its operations in Papua New Guinea
Papua New Guinea
Papua New Guinea , officially the Independent State of Papua New Guinea, is a country in Oceania, occupying the eastern half of the island of New Guinea and numerous offshore islands...
as the Japanese Army captured many of the towns in which it operated, and bombed Port Moresby
Port Moresby
Port Moresby , or Pot Mosbi in Tok Pisin, is the capital and largest city of Papua New Guinea . It is located on the shores of the Gulf of Papua, on the southeastern coast of the island of New Guinea, which made it a prime objective for conquest by the Imperial Japanese forces during 1942–43...
. The bank resumed operations later, possibly in 1944.
The bank had many branches across Papua New Guinea including Port Moresby, Boroko, Rabaul, Lae, Wau, Bulolo, Goroka, Kavieng, Madang, Mount Hagen, Kundiawa, Popondetta and Wewak. On Bougainville there was Kieta, Panguna, Arawa and early on a part time sub branch at Loloho. The bank maintained those facilities to support trade, local business, government and small savers.
The Commonwealth Bank received almost all central bank powers in emergency legislation passed during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
and at the end of the war it used this power to begin a dramatic expansion of the economy. This was also the aim of the Government at the time. The Government attempted to compel the Australian states to conduct their banking with the Commonwealth under the Banking Act 1945 (Cth), but the High Court in Melbourne Corporation v Commonwealth (1947) 74 CLR 31, blocked this move. The government also colossally expanded immigration programmes. To respond to this, the bank established a Migrant Information Service (later known as the Australian Financial & Migrant Information Service [AFMIS]). The bank expanded during this period. In just five years it opened hundreds of branches throughout Australia and in 1951 it established a branch in the Solomon Islands
Solomon Islands
Solomon Islands is a sovereign state in Oceania, east of Papua New Guinea, consisting of nearly one thousand islands. It covers a land mass of . The capital, Honiara, is located on the island of Guadalcanal...
.
In 1958 and 1959, there was a controversy concerning the dual function of the bank as the central bank on the one hand and a commercial bank on the other. As a result of this, the government split the bank, giving the central bank function to the Reserve Bank of Australia
Reserve Bank of Australia
The Reserve Bank of Australia came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank to it....
, with the Commonwealth Banking Corporation (CBC) retaining its commercial banking functions. These commercial functions were exercised by the CBCs constituent banks, the Commonwealth Trading Bank of Australia (CTB), the Commonwealth Savings Bank of Australia (CSB) and the newly-formed Commonwealth Development Bank (CDB).
From 1958 to 1976 the Commonwealth Bank operated savings bank agencies in the New Hebrides
New Hebrides
New Hebrides was the colonial name for an island group in the South Pacific that now forms the nation of Vanuatu. The New Hebrides were colonized by both the British and French in the 18th century shortly after Captain James Cook visited the islands...
.
Diversification (1960-1983)
A new Commonwealth Development Bank was established in 1960 and during the 1970s the bank diversified its business into areas like insurance and travel. It established a finance company, CBFC in 1974. The bank also became more heavily involved in foreign currency trading and international banking in general.The bank actively supported the introduction of decimal currency in the years leading up to 1966 and, like most banks, it gradually converted its paper records onto a new computer-based system. The bank created the first credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
in Australia in 1974 when it established Bankcard. In later years the bank began offering Mastercards
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
(1984) and Visa
VISA (credit card)
Visa Inc. is an American multinational financial services corporation headquartered on 595 Market Street, Financial District in San Francisco, California, United States, although much of the company's staff is based in Foster City, California. It facilitates electronic funds transfers throughout...
(1993) cards as well.
In 1974, as Papua New Guinea
Papua New Guinea
Papua New Guinea , officially the Independent State of Papua New Guinea, is a country in Oceania, occupying the eastern half of the island of New Guinea and numerous offshore islands...
approached independence, the bank formally handed over its PNG operations to the newly created and government-owned Papua New Guinea Banking Corporation
Bank of South Pacific
Bank South Pacific is Papua New Guinea’s largest bank, with 35 branches throughout the country and in operation in 4 countries. BSP currently services over 650,000 business banking customers throughout the Pacific...
(PNGBC). The bank retained a restricted branch in Port Moresby that it finally closed in 1982.
In 1981 the bank transferred its operations in the Solomon Islands
Solomon Islands
Solomon Islands is a sovereign state in Oceania, east of Papua New Guinea, consisting of nearly one thousand islands. It covers a land mass of . The capital, Honiara, is located on the island of Guadalcanal...
to the National Bank of Solomon Islands
National Bank of Solomon Islands
National Bank of Solomon Islands has the largest network of offices in the Islands. Although the Bank overall is profitable, the offices outside Honiara, the capital, are running at a loss. On 27 April 2007, Bank South Pacific made a formal announcement to the Port Moresby stock exchange that it...
, which operated as a joint venture (51-49, Commonwealth and Government of the Solomon Islands).
Deregulation(1983-1991)
In 1989 the bank acquired 75% of ASB BankASB Bank
ASB is a New Zealand bank owned by the Commonwealth Bank of Australia, which is listed on the Australian Stock Exchange. It is one of the largest New Zealand banks, with branches throughout the country. It operates BankDirect, a branchless banking service that provides service via phone, Internet,...
in New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
.
In 1991 the bank acquired the failing Victorian Government-owned State Bank of Victoria
State Bank of Victoria
The State Bank of Victoria was a bank that existed from 1842 until 1990 when it was taken over by the Commonwealth Bank. It was owned by the State of Victoria....
(est. 1842).
Privatisation and the Colonial merger (1990-2000)
Between 1991 and 1996 the Australian government fully privatised Commonwealth Bank. It is a public company, but one of the few such companies in Australia whose official name does not end in 'Limited'.In 1994 Commonwealth sold its shares in National Bank of Solomon Islands
National Bank of Solomon Islands
National Bank of Solomon Islands has the largest network of offices in the Islands. Although the Bank overall is profitable, the offices outside Honiara, the capital, are running at a loss. On 27 April 2007, Bank South Pacific made a formal announcement to the Port Moresby stock exchange that it...
to Bank of Hawaii
Bank of Hawaii
The Bank of Hawaii Corporation is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that majority of the voting stockholders reside within the state...
.
In 1994, Commonwealth took a 50% share in PT Bank International Indonesia.
On 10 March 2000, the Commonwealth Bank and Colonial Limited announced their intention to merge, with seven Commonwealth Bank shares being offered for twenty Colonial Shares. The merger received final approval from the Supreme Court of Victoria on 31 May 2000 and was completed on 13 June 2000. This brought into the fold Colonial’s stake in Colonial National Bank
Colonial National Bank
The full name of the bank is National Bank of Fiji trading as Colonial National Bank. The bank is as of December 2009 a subsidiary of Bank South Pacific and has the largest branch network in Fiji...
, the former National Bank of Fiji. The bank also acquired the remaining 25% of ASB Bank
ASB Bank
ASB is a New Zealand bank owned by the Commonwealth Bank of Australia, which is listed on the Australian Stock Exchange. It is one of the largest New Zealand banks, with branches throughout the country. It operates BankDirect, a branchless banking service that provides service via phone, Internet,...
.
Banking opportunities in Asia saw the Bank in 2000 acquire full ownership of PT Bank International Indonesia and rename it (PT Bank Commonwealth). This bank now has over 16 branches and has opened several FX shops to cater to Commonwealth Bank clients who are tourists in Bali
Bali
Bali is an Indonesian island located in the westernmost end of the Lesser Sunda Islands, lying between Java to the west and Lombok to the east...
.
The bank today (2001+)
In 2005, the bank established strategic co-operation agreements with two Chinese banks, Jinan City Commercial Bank and Hangzhou City Commercial Bank; it took an 11% stake in Jinan City, and a 19.9% stake in Hangzhuo. Commonwealth also established a representative office in BangaloreBangalore
Bengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
.
On 27 January 2006 the bank acquired the remaining 49% stake in Colonial National Bank (Fiji)
At the beginning of 2008, Commonwealth Bank opened a branch in Ho Chi Minh City
Ho Chi Minh City
Ho Chi Minh City , formerly named Saigon is the largest city in Vietnam...
(Saigon). Then in October, Commonwealth announced that it had purchased BankWest and St Andrew's Insurances from their parent company HBOS plc for A$
Australian dollar
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
2.1 billion. The acquisition is scheduled to be completed in early 2009, subject to regulatory approval. Lastly, on 24 December, Commonwealth announced that it had, in joint partnership
Partnership
A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace...
with Aussie Home Loans, purchased Wizard Home Loans. As part of the deal, the Commonwealth Bank will acquire Wizard mortgages up to the value of A$
Australian dollar
The Australian dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu...
4 billion. The Commonwealth Bank currently owns a 33% stake in Aussie. Commonwealth Bank held about 30 percent of the loan business of financial advisory company Storm Financial
Storm Financial
Storm Financial Limited was a financial advice company, based in Townsville, Queensland, Australia. The company was founded by Emmanual Cassimatis and his wife Julie Cassimatis in 2004. It went into administration in January 2009 and was placed in liquidation on 26 March 2009...
when it collapsed in January 2009.
In December 2009, Commonwealth sold Colonial National Bank
Colonial National Bank
The full name of the bank is National Bank of Fiji trading as Colonial National Bank. The bank is as of December 2009 a subsidiary of Bank South Pacific and has the largest branch network in Fiji...
to Bank of South Pacific
Bank of South Pacific
Bank South Pacific is Papua New Guinea’s largest bank, with 35 branches throughout the country and in operation in 4 countries. BSP currently services over 650,000 business banking customers throughout the Pacific...
.
Retail Banking Services
This division delivers financial services to personal and small business customers.Premium Business Services
Premium Business Services was formally split into two departments in 2009, Institutional Banking & Markets (IB&M) and Business & Private Banking (B&PB). IB&M includes areas of the bank that provides services to Institutional Clients and Global Markets. B&PB includes areas of the bank that provides services to Business customers and private banking customers.Wealth Management
Wealth Management brings together the Groups funds management platform, master funds, superannuation, insurance and financial advice business support. Colonial First StateColonial First State
Colonial First State was established in 1988 and is now one of Australia's leading wealth management groups, with more than A$90 billion under management. It is owned by the Commonwealth Bank Group.- Product range :...
, Colonial First State Global Asset Management and CommInsure all form part of Wealth Management.
International operations/activity
The Commonwealth Bank's international presence includes:- Retail banks in New Zealand (ASB BankASB BankASB is a New Zealand bank owned by the Commonwealth Bank of Australia, which is listed on the Australian Stock Exchange. It is one of the largest New Zealand banks, with branches throughout the country. It operates BankDirect, a branchless banking service that provides service via phone, Internet,...
), Indonesia (PT Bank Commonwealth), and China (11% of Jinan City Commercial Bank and 19.9% of Hangzhou City Commercial Bank). - Commonwealth Bank branches in LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, New YorkNew YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, TokyoTokyo, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
, SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, Hong KongHong KongHong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
and AucklandAucklandThe Auckland metropolitan area , in the North Island of New Zealand, is the largest and most populous urban area in the country with residents, percent of the country's population. Auckland also has the largest Polynesian population of any city in the world...
. - Wholly owned life insurance operations in New Zealand (SovereignSovereign LimitedSovereign Limited is a financial services company that provides life and health insurance, home loans, investment and superannuation products in New Zealand and is part of the ASB Group of companies.-History:...
) - Joint venture life insurance businesses in Indonesia (Astra CMG); China (China Life CMG) and Vietnam (Bao Minh CMG)
- First State funds management business in Hong Kong, Singapore, London, Fiji, China and Indonesia
- Representative offices in BeijingBeijingBeijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
, ShanghaiShanghaiShanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
, HanoiHanoiHanoi , is the capital of Vietnam and the country's second largest city. Its population in 2009 was estimated at 2.6 million for urban districts, 6.5 million for the metropolitan jurisdiction. From 1010 until 1802, it was the most important political centre of Vietnam...
and BangaloreBangaloreBengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
.
Products and services
The Commonwealth Bank is Australia's largest retail bank and offers customers a range of products and services, including loans, credit cards, transaction and savings accounts. It has a wide presence in Australia with the largest branch and ATM network. It also offers services to people planning to move to Australia.The Bank's service of business customers, ranging from small business owners to large institutional clients, is diverse and draws upon the products and services offered by all divisions of the Commonwealth Bank group.
Subsidiaries
Australia- CommInsure
- Commonwealth Securities
- Colonial First StateColonial First StateColonial First State was established in 1988 and is now one of Australia's leading wealth management groups, with more than A$90 billion under management. It is owned by the Commonwealth Bank Group.- Product range :...
- Bankwest
New Zealand
- ASBASB BankASB is a New Zealand bank owned by the Commonwealth Bank of Australia, which is listed on the Australian Stock Exchange. It is one of the largest New Zealand banks, with branches throughout the country. It operates BankDirect, a branchless banking service that provides service via phone, Internet,...
- SovereignSovereign LimitedSovereign Limited is a financial services company that provides life and health insurance, home loans, investment and superannuation products in New Zealand and is part of the ASB Group of companies.-History:...
Asia Pacific
- Colonial National BankColonial National BankThe full name of the bank is National Bank of Fiji trading as Colonial National Bank. The bank is as of December 2009 a subsidiary of Bank South Pacific and has the largest branch network in Fiji...
(Fiji) - PT Bank Commonwealth (Indonesia)
- AMTD Group Company Limited (Hong Kong)
See also
- Reserve Bank of AustraliaReserve Bank of AustraliaThe Reserve Bank of Australia came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank to it....
- State Bank of VictoriaState Bank of VictoriaThe State Bank of Victoria was a bank that existed from 1842 until 1990 when it was taken over by the Commonwealth Bank. It was owned by the State of Victoria....
- State Bank of New South WalesState Bank of New South WalesThe State Bank of New South Wales was a bank that was owned by the Government of New South Wales. It existed from 1933 until 2000, when it was taken over by the Commonwealth Bank....
- Australian Cricket AcademyAustralian Cricket AcademyThe Australian Cricket Academy, originally located at Henley Beach in Adelaide, was formed in 1987 as a joint initiative of the Australian Institute of Sport and the Australian Cricket Board . It was designed to be a finishing school for leading young cricketers and is a program within the AIS...
- Commonwealth Bank TrophyCommonwealth Bank TrophyThe Commonwealth Bank Trophy was the pre-eminent national netball competition in Australia from 1997 to 2007.It was established in 1997 as a true national league to replace the ailing, state club-based Mobil League. Designed from the beginning to be more marketable to the general public, it saw...
- Commonwealth Bank Series
- List of Australian companies
External links
- Commonwealth Bank
- ASB Bank
- Colonial First State Investments Limited
- CommInsure
- CommSec
- Commonwealth Bank Group ephemera digitised and held by the National Library of Australia