The Commonwealth Bank of Australia (CBA), also known as Commonwealth Bank or simply CommBank, is an Australian multinationalbank with businesses across New Zealand, Asia, the United States, and the United Kingdom. It provides a variety of financial services, including retail, business and institutional banking, funds management, superannuation, insurance, investment, and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of July 2024, with brands including Bankwest, Colonial First State Investments, ASB Bank (New Zealand), Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure).[4] Its former constituent parts were the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia, and the Commonwealth Development Bank.
Founded in 1911 by the Australian Government and fully privatised in 1996, the Commonwealth Bank is one of the big four Australian banks, with the National Australia Bank (NAB), ANZ and Westpac. The bank was listed on the Australian Stock Exchange on 12 Sep 1991.[5]
The former global headquarters of Commonwealth Bank were the Commonwealth Trading Bank Building on the corner of Pitt Street and Martin Place, Sydney, which was refurbished from 2012 for retail and commercial uses, and (from 1984 to 2012) the State Savings Bank Building on Martin Place, which was sold in 2012 to Macquarie Bank. The headquarters were then moved, splitting between two locations; Tower 1 of 201 Sussex Street and the Commonwealth Bank Place; a new complex of two nine-storey buildings in Darling Harbour on the western side of Sydney's city centre.[6] In 2022, the headquarters were consolidated into the Commonwealth Bank Place, with Tower 1 of 201 Sussex Street remaining as a secondary head office.[7]
In 2022, the Commonwealth Bank held the 49th position in the "Top 1000 World Banks".[9] As of August 2024 it is listed as the 66th largest company in the world by market cap.
The Commonwealth Bank of Australia was established by the Commonwealth Bank Act 1911, introduced by the Andrew FisherLabor government, which favoured bank nationalisation, with effect on 22 December 1911.[10][11] 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 15 July 1912.[12] In an agreement with Australia Post that exists to this day, the bank also traded through post office agencies. In 1912, it took over the State Savings Bank of 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 began acquiring central bank powers when it took over the responsibility for the issue of Australian bank notes from the Department of the Treasury.[13] Also in 1920, the Commonwealth Bank took over the Queensland Government Savings Bank.
In 1924, the federal government of Stanley Bruce sought to place further checks and limits on the powers of the governor of the bank, and passed the Commonwealth Bank Act, 1924, which created a seven-member Board of Directors comprising the governor, the Secretary of the Treasury, and six directors "actively engaged in agriculture, commerce, finance or industry", and a Chairman of the Board elected annual from its members.[14] The first six board members were appointed on 10 October 1924: Sir John Garvan, Sir Robert Gibson, Sir Samuel Hordern, Robert McComas, Richard Samuel Drummond, and John McKenzie Lees.[15][16] Garvan was appointed as the first chairman on 13 October 1924.[17]
In 1931, the bank board came into conflict with the Labor government of James Scullin. The bank's chairman Sir 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. The 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.
Also in 1931, it took over the savings bank business of the Government Savings Bank of New South Wales (est. 1871), the current account and fixed deposit business of the NSW Rural Bank Department, and the State Savings Bank of Western Australia (est. 1863).
In 1942, the Commonwealth Banking Corporation (CBC) suspended its operations in Papua New Guinea as the Imperial 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. It 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 federal government at the time, which 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.
In August 1945, the federal government of Ben Chifley passed the Commonwealth Bank Act, 1945, which repealed the 1925 act and abolished the Board of Directors, returning full executive control of the bank to the governor.[18]
The government also dramatically expanded immigration programs. In response, the bank established a Migrant Information Service (later known as the Australian Financial & Migrant Information Service, or AFMIS). The bank expanded during this period, and 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 functions of the organization, operating as the central bank on the one hand and a commercial bank on the other. As a result, the government separated the two roles, creating the Reserve Bank of Australia to exercise the central bank function, and leaving the Commonwealth Banking Corporation to operate purely as a commercial bank. Those commercial functions were exercised by the organization's constituent sections: the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia, and the newly formed Commonwealth Development Bank.
From 1958 to 1976 the Commonwealth Bank operated savings bank agencies in the New Hebrides.
Diversification (1960–1991)
1980s logo
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 in Australia in 1974 when it established Bankcard. In later years the bank began offering MasterCard (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% Commonwealth Bank, 49% Government of the Solomon Islands).
In 1991 the bank acquired the failing Victorian Government-owned State Bank of Victoria (est. 1842).[19]
Privatisation (1991–present)
Logo used until 202048 Martin Place; the Commonwealth Bank's headquarters from 1990-2009
Between 1991 and 1996 the Australian Government under the Keating government fully privatised the Commonwealth Bank. The first share offer in 1991 was valued at $1,292 million, the second in 1993 for $1,700 million and the third was sold for $5,000 million in 1996.[21] It is a public company, but one of the few such companies in Australia whose official name does not end in 'Limited'.
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.
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 Commercial, and a 19.9% stake in Hangzhou Commercial. Commonwealth also established a representative office in Bangalore, India.
On 27 January 2006, the bank acquired the remaining 49% stake in Colonial National Bank (Fiji).
Tower 1, 201 Sussex Street; headquarters from 2010-2022 and now a secondary head office
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 for A$2.1 billion.[22][23] The acquisition was 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.[24] As part of the deal, the Commonwealth Bank will acquire Wizard mortgages up to the value of A$4 billion. Commonwealth Bank held about 30 percent of the loan business of financial advisory company Storm Financial when it collapsed in January 2009.[25]
The bank is the only financial services organisation to appear in the Dream Employers' top 20 list of preferred employers for 2010 and 2011.[26]
During the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry it was discovered that the Commonwealth Bank had charged dead people for financial advice services.[27] On 9 May 2018, Commonwealth Bank settled an interest rate rigging case brought by ASIC for $25 million. In the settlement, the bank admitted it engaged in "unconscionable conduct" and manipulated the bank bill swap rate five times between February and June 2012.[28]
On 16 November 2023, the bank announced divestment of PT Bank Commonwealth to Bank OCBC NISP.[29]
Controversies
Environmental
Commonwealth Bank is one of the major Australian banks known to be financing and profiting from activities destructive to the Great Barrier Reef, something the bank has been facing increased public scrutiny over since a 2013 report by Market Forces;[30] the Sydney Morning Herald had this to say:[31]
Australia's big four banks are leading lenders to the massive expansion in coal and gas shipments through the Great Barrier Reef, contradicting their own pledges to curb carbon emissions and preserve sensitive environmental areas. ... The CBA, meanwhile, highlighted its achievement to cut carbon emissions from operations by 35,000 tonnes in 2012. A single bulk carrier shipment of coal exported from Australia would result in final emissions of four times those savings.
—Julien Vincent, campaigner with Market Forces, May 2013.
In 2014, CBA and the big four Australian banks faced increased pressure to end their support for reef-threatening mining projects, as surveys have shown that "the big four banks would be risking customers shifting up to $236 billion in household deposits if they were to finance a project like the Abbot Point expansion".[32]
In late 2014, it "was revealed [CBA] was advising Indian coal miner Adani on its proposed development in Queensland's Galilee basin",[33] while by 2015, it has been reported that "all the major American and European banks have refused funds to the project, citing environmental damage".[34]
In May 2015, a report by Market Forces showed that CBA is the single biggest lender to fossil fuel projects within the Great Barrier Reef World Heritage Area during the six-year period from 2008 to 2014.[35] Almost immediately following, protests were held at over fifty CBA branches in Australia and around the world.[36][37] Billboards, hoardings and branch signs were revised to read "Coal Bank" and company slogans changed to highlight its investment in fossil fuels.[38]
Later in May, a report by MSCI showed that while other banks are reducing their funding for fossil fuel projects, Australia's largest banks are ramping up this same funding; The Guardian reported:[36]
Australia's largest banks have committed about 10% of their known loan arrangements to the financing of risky fossil fuel projects that may become 'stranded' if the world is to avoid disastrous climate change, new research has estimated.
In October 2008, former CBA financial planner Jeff Morris alleged to the Australian Securities and Investments Commission (ASIC) and subsequently a Senate Inquiry, the extent of the misconduct of CBA's financial planning arm, Commonwealth Financial Planning Limited (CFPL), but it was not until 16 months later that ASIC would launch an investigation.[39] "There was forgery and dishonest concealment of material facts," the Senate Inquiry found in its report.[40] They concluded a Royal Commission or Judicial Inquiry as it was deemed ASIC lacked the investigative powers required to uncover the full extent of the allegations.[41] A week following the Senate Inquiry, CEO Ian Narev publicly apologised while announcing a compensation scheme.[42] Former CEO Ralph Norris also conceded that he was aware of problems within CFPL acknowledging the presence of rogue financial planners but rejected the assertion of a conspiracy to cover it up.[43] CBA has been criticised in the Senate for appointing Dr. Brendan French, who was the General Manager of Group Customer Relations before, as the head of the Open Advice Review program.[44][45] The CBA defended Dr. Brendan French successfully in a defamation lawsuit in 2015;[46] the decision was a single judge decision and was not appealed after the defence was withdrawn.[47] Criticism has also been leveled at the fact that Dr. Brendan French was formerly a member of the board of directors of the Financial Ombudsman Service and is now working in CBA with respect to customer complaints.[48]
2016 $76m Ponzi scheme
In 2016, it was revealed that some CBA staff were implicated in an alleged $76m Ponzi scheme fraud.[49] The alleged architects of the scam were professional poker player Bill Jordanou and accountant Robert Zaia.
Insurance division scandal
It was reported alleged systemic issues about the insurance division of CBA. A claimant who suffered a heart attack and nearly died had his claim declined based on an outdated medical definition in his insurance policy.[50] The company admitted this decision was a bad judgement.[51] The insurer also "refused to pay total permanent disability (TPD) and terminal illness claims on the chance that a dying person facing organ failure may have their life saved by a transplant, and that a person can claim their life insurance if they are declared terminally ill by two doctors and deemed likely to die within 12 months."[52] In March 2016, ASIC announced it would be investigating CBA about the allegations.[53] After the serious allegations were aired in an episode of Four Corners two parliamentary inquiries were conducted.[54] One into the life insurance sector,[55] and another into protection of whistleblowers.[56] The inquiries found that no staff involved in the wrongdoings were fired. The only person who suffered a consequence was the whistleblower who had tried to do the right thing.[57] There were also calls for a Royal Commission into the insurance industry.[58] The Financial Services Royal Commission was eventually called and found widespread issues. The Commonwealth Bank was called the gold medallist for ripping off customers by the counsel assisting the royal commissioner.[59]
Money laundering scandal
In August 2017, the financial intelligence agency Australian Transaction Reports and Analysis Centre (AUSTRAC) launched civil proceedings in the Federal Court of Australia, alleging that CBA had breached money laundering and terrorism financing laws on 53,700 occasions. The breaches related to the bank's use of intelligent deposit machines (IDMs) between November 2012 and September 2015—the bank claimed that a programming error allowed depositors to instantly credit cash deposits to their accounts, whilst failing to report amounts over $10,000 to AUSTRAC, and not enforcing any limits to the number of transactions.[60]
ASIC commenced legal proceedings in the Federal Court on 30 January 2018 alleging manipulation of the bank bill swap rate (BBSW). The BBSW rate is the rate of interest that banks charge to lend money to each other, and is a key interest rate used as the benchmark for interest rates on a number of products, most notably business loans, currency derivatives and floating rate bonds. It is alleged that the manipulations took place on three specific occasions in 2012.[61]
BankWest commercial loan book
The change from Basel I to Basel II capitalisation requirements, due to take effect on 1 January 2009, required BankWest to increase its Tier 1 capital (share capital) by an additional A$17 billion. BankWest's owner HBOS lent this money to Bankwest, but required the money be repaid to meet HBOS's own capital requirements.[62]
HBOS, therefore, agreed to sell BankWest to Commonwealth Bank (CBA) in October 2008. The sale completed on for A$2.1 billion on 19 December 2008, and required Commonwealth Bank to repay the capital HBOS had loaned Bankwest.[62]
One of the provisions of the sale agreement was an ability for CBA to claim a price adjustment. A loan was later found to have been impaired at the time of purchase but had not been identified to Commonwealth Bank by HBOS as impaired during the acquisition.[62]
Commonwealth Bank declared 1,958 out of 26,000 BankWest commercial loans impaired (in default of the loan terms),[62] with a total face value of $17.9 billion. As they were deemed to be in breach of their loan conditions, the bank was able to charge increased interest rates, or require early repayment.[62]
Commonwealth Bank lost A$2 billion on defaulted loans that were not repaid[62] (2.1% of the loan book, in comparison to an average of 0.4% across the Big Four Australian banks).[62] Of the defaulted loans, the calling-in of 117 resulted in the borrowing company going into receivership.[62]
Borrowers complained that they had complied with the monetary conditions of the loans: they had kept up interest payments and repayments, and disputed whether it was reasonable to apply penalty interest and require early repayment for non-monetary issues (for example, not having invested the funds for the purpose borrowed, or no longer having adequate security to back the loan).
The committee concluded that there was no evidence to suggest that impairment of loans was related to an attempt to 'claw back' any of the BankWest purchase price.[64] However, it did find that "in a minority of cases" there was abuse of the asymmetry of power between the bank and the borrower.[64] The committee recommended that there be improvements in the consistency of lenders' valuation of property used as security for loans.[64]
A subset of Commonwealth Bank staff were found to be fraudulently use the bank’s money, loose change, or their own money to illegitimately activate Youthsaver accounts for financial gain. According to The Sydney Morning Herald, "They would do so when parents had signed up their kids for school banking, often referred to as Dollarmites, but had not deposited money into the account within 30 days. If no deposit had been made, the sign-up would not count towards sales targets and financial rewards."[71]
Headquarters
Commonwealth Bank has moved through many different offices, starting off in Melbourne (Collins Street), then moving to Martin Place in Sydney's CBD. In 2009, CBA moved into Darling Park Tower 1. During the Sydney Covid-19 lockdown in 2020-2022, CBA moved staff into their new offices, CBP North, and CPB South (Commonwealth Bank Place North and South), on Harbour Street, near Tumbalong Park. In October 2023, CBA occupied levels 14-21, and 27 of DP1 (Darling Park Tower 1). By the end of 2023, CBA moved the remaining staff from levels 14-21 out of DP1.
As of October 2024, all Commonwealth Bank staff members work out of CBP South, CBP North, The Foundry (Redfern, NSW), Axel (Redfern, NSW), or CBS (Commonwealth Bank Square), with the exception of the remaining staff in DP1.
Bank structure
Customer Service Network
A Commonwealth Bank branch office
This division delivers financial services to personal and small business customers. It provides bank accounts and credit products to consumers.
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 State, Colonial First State Global Asset Management and CommInsure all form part of Wealth Management. CBA has been granted a MySuper authority, enabling it to continue to receive default superannuation contribution from 1 January 2014.
Executive leadership
Governors/Chief Executive Officers
The following individuals have been appointed to serve as chief executive of the Commonwealth Bank of Australia, or precursor titles:[72]
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 the largest branch and ATM network.[106] It also offers services to people planning to move to Australia.[107]
NetBank
The Commonwealth Bank offers online banking services through NetBank. NetBank allows customers to transfer funds, manage accounts, access assets and liabilities and also manage savings and saving goals.[108] NetBank is also offered with a mobile app available for iOS and Android.[citation needed]
Beem It
Beem It is an instant payment free-to-download mobile application owned by Commonwealth Bank, NAB and Westpac later sold to Eftpos Australia. It offers an instant payment transfer service between registered users of the app regardless of which bank they are with. The app's main features include options to pay, transfer, request and split money.[109]
Commonwealth Bank has been sponsoring Cricket Australia for the women's game since the 1990s.[110]
In April 2021, Commonwealth Bank secured a four-year partnership deal with Football Australia for the naming rights of the women's national football teams as the Commonwealth Bank Matildas, Commonwealth Bank Young Matildas, and Commonwealth Bank Junior Matildas.[111][112]
National Australia Bank Limited is one of the four largest financial institutions in Australia in terms of market capitalisation, earnings and customers. NAB was ranked the world's 21st-largest bank measured by market capitalisation and 52nd-largest bank in the world as measured by total assets in 2019.
Bankwest is an Australian bank based in Perth, Western Australia. It was founded as the Agricultural Bank of Western Australia in 1895 by the Government of Western Australia being renamed the Rural and Industries Bank in 1944, and Bankwest in 1994 before being privatised. After a period of being a listed company on the Australian Securities Exchange, it was taken over by the Bank of Scotland, and since 2008 has been a subsidiary of the Commonwealth Bank.
The Bank of Queensland (BOQ), formerly known as the Brisbane Permanent Benefit Building and Investment Society (BPBBIS) between 1874–1970, is an Australian retail bank with headquarters in Brisbane, Queensland. The bank is one of the oldest financial institutions in Queensland, having begun as a building society. It now has 111 owner-managed branches throughout Australia, including thirty-six corporate branches and third-party intermediaries. They also have over 2,300 ATMs. The bank also owns Virgin Money Australia and ME Bank.
The Australia and New Zealand Banking Group Limited, commonly known as ANZ Bank, is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia. It is Australia's second-largest bank by assets and fourth-largest bank by market capitalisation.
St.George Bank is an Australian bank with its headquarters in Sydney. Since a 2008 merger, the bank has been part of Westpac, having previously been an independent legal entity. In 2010, St.George was deregistered as a company and ceased to be a standalone authorised deposit-taking institution.
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the Australian Securities and Investments Commission Act 2001.
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, and a large number of other financial institutions, such as credit unions, building societies and mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Financial Claims Scheme guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing.
Great Southern Bank, formerly Credit Union Australia, is one of Australia's largest customer-owned banks with corporate offices in Brisbane, Sydney, and Melbourne. It provided banking services to more than 400,000 Australians in 2023.
The State Bank of New South Wales, from 1933 until 1981 known as the Rural Bank of New South Wales, was a bank that was owned by the Government of New South Wales. In 1994, it was taken over by Colonial Mutual and became the Colonial State Bank and then sold to the Commonwealth Bank in 2000.
Commonwealth Securities Limited, or CommSec, is Australia's largest online stockbroking firm. It is a subsidiary of the Commonwealth Bank.
Colonial First State (CFS), is an Australian wealth management group that provides investment, superannuation and retirement products to individuals as well as corporate and superannuation fund investors.
John Joseph Symond is an Australian entrepreneur, former financial executive, and the founder of Aussie Home Loans.
Westpac Banking Corporation, also known as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales.
UBank is an Australian direct bank, that operates as a division of National Australia Bank (NAB). It was established in 2008, and provides savings products and home loans online and over the phone.
Storm Financial Limited was a financial advice company, based in Townsville, Queensland, Australia. The company was founded by Emmanuel Cassimatis and his wife Julie Cassimatis as a private company initially with the name Cassimatis Securities Pty Ltd on 23 May 1994. As part of the company's expansion outside of Townsville the company changed its name from a personality based name to ozdaq Securities Pty Ltd on 10 April 2000. This name remained intact until 1 February 2004 when it was relinquished consequent to trademark objections from the Nasdaq stock exchange in the United States. The company then traded as Storm Financial Pty Ltd from 2 February 2004 until 14 June 2007 at which time the company became an unlisted public company and continued trading as Storm Financial Ltd from 15 June 2007 in preparation for making an initial public offering (IPO) in December 2007. This IPO was subject to a Storm Financial Prospectus which was dated 14 November 2007 and lodged with the Australian Securities & Investments Commission (ASIC) on the same date. Storm Financial Ltd continued to trade until external administrator Worrells Solvency and Forensic Accountants were appointed on 9 January 2009. The main creditor Commonwealth Bank appointed receivers and manager KordaMentha on 15 January 2009.
Aussie is an Australian retail financial services group with operations spanning all mainland capital cities and major regional centres throughout Australia. As of April 2012, Aussie reported a loan book under management of over A$42 billion through 750 brokers and 150 stores.
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The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial services industry. The establishment of the commission followed revelations in the media of a culture of greed within several Australian financial institutions. A subsequent parliamentary inquiry recommended a royal commission, noting the lack of regulatory intervention by the relevant government authorities, and later revelations that financial institutions were involved in money laundering for drug syndicates, turned a blind eye to terrorism financing, and ignored statutory reporting responsibilities and impropriety in foreign exchange trading.
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References
1 2 3 4 5 6 7 8 9 2024 Annual Report(PDF) (Report). Commonwealth Bank Place South, Harbour Street, Sydney NSW: Commonwealth Bank of Australia. 14 August 2024. pp.2, 3, 138, 139, 308, 310. Archived(PDF) from the original on 5 October 2024. Retrieved 5 October 2024.
↑ "COMMONWEALTH BANK". The Sydney Morning Herald. New South Wales, Australia. 4 October 1924. p.16. Retrieved 19 December 2022– via National Library of Australia.
1 2 "Commonwealth Bank". The Evening News. No.687. Queensland, Australia. 14 October 1924. p.5. Retrieved 19 December 2022– via National Library of Australia.
↑ "Commonwealth Bank Act 1945". Federal Register of Legislation. Australian Government. 3 August 1945. Retrieved 19 December 2022.
1 2 3 Joint Committee on Corporations and Financial Services. "Executive summary". Parliament of Australia.
↑ "Review of school banking programs"(PDF). ASIC Australia. Australian Securities and Investments Commission. 15 December 2020. Archived from the original(PDF) on 29 April 2021. Retrieved 29 April 2021. Young children are vulnerable consumers and are exposed to sophisticated advertising and marketing tactics by school banking program providers.
↑ "COMMONWEALTH BANK". The Age. Victoria, Australia. 22 September 1926. p.12. Retrieved 19 December 2022– via National Library of Australia.
↑ "COMMONWEALTH BANK CHAIRMAN". The Sydney Morning Herald. New South Wales, Australia. 14 September 1926. p.10. Retrieved 19 December 2022– via National Library of Australia.
↑ "COMMONWEALTH BANK". The Sydney Morning Herald. New South Wales, Australia. 5 January 1934. p.10. Retrieved 19 December 2022– via National Library of Australia.
↑ "NEW CHAIRMAN". The Sydney Morning Herald. New South Wales, Australia. 5 January 1934. p.9. Retrieved 19 December 2022– via National Library of Australia.
↑ "COMMONWEALTH BANK BOARD ENDS". Townsville Daily Bulletin. Queensland, Australia. 21 August 1945. p.4. Retrieved 19 December 2022– via National Library of Australia.
↑ "Bank Board's Last Action". The Sydney Morning Herald. New South Wales, Australia. 21 August 1945. p.4. Retrieved 19 December 2022– via National Library of Australia.
1 2 "Commonwealth Banks Act 1959-1963". Commonwealth Of Australia Gazette. No.98. Australia, Australia. 10 December 1964. p.4926. Retrieved 19 December 2022– via National Library of Australia.
↑ "Commonwealth Banks Act 1959-1965". Commonwealth Of Australia Gazette. No.96. Australia, Australia. 10 November 1966. p.5627. Retrieved 19 December 2022– via National Library of Australia.
↑ "Commonwealth Banks Act 1959-1968". Commonwealth Of Australia Gazette. No.6. Australia, Australia. 29 January 1970. p.611. Retrieved 19 December 2022– via National Library of Australia.
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