Economic stability in different countries depends on its policies. There is a lot of economic stability in Australia, so you can do good things by investing in the top 10 banks in Australia. Reading the following article will help you find these top 10 banks.
The Australian banking sector is evolving with time and currently undergoing progressive deregulation and privatization.
Now, foreign banks are allowed by the government to enter the financial market. In the current scenario, the retail banks in Australia offer several financial services like life and general insurance, stock brokering, and security underwriting.
to the retail customers. They also provide corporate and consumer loans to help both individuals and businesses to flourish. Since the retail banks offer a basket of financial services, it directly completes them with the brokerage firms and the merchant banks.
Non – Australian foreign banks are allowed by the government to open and operate as branches to cater to the wholesale market. But in this case, retail banking is only permitted through a locally incorporated subsidiary.
1. Commonwealth Bank of Australia
This bank was formed in the year 1911 and is headquartered in Sydney. It is a multinational bank in New Zealand, Fiji Islands, Asia, the US, and the UK. It has more than 11,000 branches It is the biggest bank in Australia, and the number of employees is 42,548 ( Dec 2019). that provides a varied range of services and a basket of financial products. It offers, institutional banking,business, retail and wealth management services.
2. ANZ
The bank provides financial services to retail, HNI clients, SMEs, and corporate and commercial customers ANZ bank was formed in 1835 and is known as one of Australia’s best banks that operates in the U.S., Europe, New Zealand,Australia, the Middle East,the Asia-Pacific region. It has its headquarters in Melbourne and has nearly 38,479 staff.
3. NAB
The merger between the National Bank of Australasia and the Commercial Banking Company of Sydney formed this bank. With headquarters in Docklands, it is present in New Zealand, the U.S., Asia, and Europe. This bank is created from the cooperation of two banking environments and has an excellent environment with many experiences.
4. Westpac
Westpac was known as the bank of New South Wales and resulted from the merger between BNSW and the Commercial Bank of Australia. It offers services through its five divisions- Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac NZ. Even though it is ranked fourth, but Bank is climbing to higher levels.
5. Bank of Queensland
This bank has its headquarters in Queensland. It offers only retail banking services.This bank is growing and has friendly and knowledgeable employees. And also you can find a lot of economic stability in this bank.
6. Macquarie Bank
This bank’s headquarters in Sydney offers asset management, finance, banking, advisory and risk, and capital solutions. In general, this bank has a good performance and a high profile. The number of employees is limited and the only reason is that they hire the best in this bank. The economic stability of this bank is growing and developing.
7. Bendigo Bank
A merger between Bendigo Bank and Adelaide Bank formed this bank. It is one of the largest retail banks in Australia. This area of banking includes a variety of services, such as credit cards, debit cards, checking and savings accounts, mortgages, and personal loans. This service is provided to customers through various service channels such as ATMs, Internet Bank, Phone Bank, etc.
8. AMP Bank Ltd
AMP Bank Ltd. is based out of Sydney, offering retail banking services like deposits, residential mortgages, transaction banking services, etc. It is one of the leading wealth management firms in Australia and NZ. Its operation is also spread over Asia, the Middle East, Europe, and North America.So, you can entrust the banking work related to this bank with peace of mind.
9. Suncorp Bank
Suncorp Bank provides general insurance, banking, life insurance, and wealth management services in Australia and NZ. This bank has its headquarters in Brisbane. So it is a place that you can easily visit and use the good services it offers. A safe place is ready for you.
10. Bankwest
Bankwest started as a rural lender but became a full-fledged trading bank in 1945. With headquarters in Perth, this bank also has offices in Adelaide, Brisbane, Canberra, Melbourne, and Sydney. It offers personal banking, business banking, commercial banking, agri-business finance, etc.
We strongly suggest those who have jobs related to this bank to use this bank safely. And be aware of this issue that this bank is growing and developing every day and has gained good trust among customers.
Conclusion
We hope you like this guide to the top 10 banks in Australia. Our whole goal was to review these banks to familiarize with the structure, dynamics, industry and level of trust of this bank from the customers’ point of view. If you are looking forward to choose one of these banks and do good things, choosing any one can be your eternal choice and our final word is the best sources for the best.