When ranking the top banks in Australia, different measures can be used to determine which institution is the best. Such data can be used by potential clients to aid them in choosing the ideal banking partner. While customer service, satisfaction and other consumer-related details are important, the most vital details are those patterning to the financial state of the companies.
Based on the research conducted by the Australian Prudential Regulation Authorities and other subsequent changes, here are top banks based on assets.
Please note – banks take up to 50 USD / 25 GBP / 25 Euro for each international transfer you make to Australia. They give your unfavorable exchange rates on the AUD, which means you can end up having less than 95% of the original sum you transferred in foreign currency. Please review our guide on sending money to Australia to educate yourself on the topic.
#1 Commonwealth Bank of Australia
This multinational bank has been in operation since 1911 and continues to thrive business banking, insurance, investment and funds management services among others. It is the largest bank in the Australian Securities Exchange with some of the top brands and subsidiaries including Bankwest, ASB and Colonia First State.
The Westpac Bank is a large operation with great impact in both Australia and New Zealand. It has been ranked second with regard to assets since the end of 2011 and the impact of the banking services has been felt around the globe. In 2008, it took over St. George Bank which was a significantly big company. It was deregistered as a legal entity and now exists as part of the Westpac Banking Corporation, rather than a subsidiary.
#3 National Australia Bank
The NAB institution serves ten nations and it is ranked as the seventeenth financial institution in the world in terms of market capitalisation. The bank has been recognised for its corporate affairs initiatives. Since 2010, NAB has been recognised as one of the biggest carbon neutral businesses and it is also the largest accredited workplace by Fairtrade because of the significant purchase of Fairtrade beverage merchandise for their offices. In addition, the participation in sponsorship of football at various levels has continued to elevate the company in other aspects, besides the significant assets.
#4 Australia and New Zealand Banking Group
ANZ operates in thirty two countries including Australia and New Zealand. In the latter country, it is the largest bank and closely followed by the Westpac Bank. It is one of the most stable banks in the globe and it won the title in 2007 and 2008 according to the Sustainability Index-Dow Jones. The institution is noted for interesting advertising campaigns including a somewhat parody bank promotion starring Genevieve Morris and a number of ads with the celebrated Simon Baker.
Though this bank was sold in 2008 to the Commonwealth Bank of Australia, it operates as a separate entity. The institution provides the full range of services to clients including savings accounts, credit cards and loans. There was a controversy surrounding the institution in 2011 and 2012 with regard to its dealings with commercial property customers.
#6 Suncorp Group Limited
Suncorp Group offers banking, wealth management and insurance services to clients and it is noted to be the largest insurance group in the nation. There are several subsidiaries attached including the Australian Associated Motors Insurers, GIO and Apia. It is also important to note that the Group has the naming rights of the Lang Park. This sports ground which is branded Suncorp Stadium is home to Brisbane Roar FC and Brisbane Broncos.