Best Banks in Australia 2022

The banking system in Australia is extremely important to the country's financial system This list of Australia's leading banks will serve as a useful starting point for anyone interested in a career in banking

Best Banks in Australia 2022
Best Banks in Australia

The banking system in Australia is extremely important to the country's financial system. Aside from standard banking services, banks offer business banking, financial market trading, stockbroking, insurance, and asset management. There are 53 banks in Australia, 14 of which are government-owned. This guide will outline Australia's top ten banks.This list of Australia's leading banks will serve as a useful starting point for anyone interested in a career in banking. 

Australia and New Zealand Banking Group (ANZ)

ANZ Bank, one of Australia's largest banks, was established in 1835 and offers a wide range of banking and financial products and services to individual, high net worth, small business, corporate, commercial, and institutional customers. The Insurance and Funds Management business segments of the bank's Wealth Australia division provide insurance, investment, and superannuation products. The bank has 34 locations in the United States, Europe, Australia, New Zealand, Asia-Pacific, and the Middle East. The bank is headquartered in Melbourne and employs roughly 46,000 people. It has total assets of US$726 billion and a total income of US$4,106 million in 2016.

National Australian Bank (NAB)

NAB, which was created in 1982 by the merging of the National Bank of Australasia and the Commercial Banking Company of Sydney, is ranked third among Australia's top ten banks. Individuals and corporations can use the bank's products and services. NAB is headquartered in Docklands and has 820 banking locations around New Zealand, the United States, Asia, and Europe. NAB now employs 35,063 people worldwide and services about 8 million customers. The bank's overall income in 2016 was US$5.1 billion, while its total assets were US$617 billion.

Commonwealth Bank

Commonwealth Bank is a worldwide financial institution with operations in New Zealand, Fiji, Asia, the United States, and the United Kingdom. The bank's headquarters are in Sydney, where it was founded in 1911. The bank employs roughly 51,800 people and has over 11,000 locations. It is Australia's largest bank and provides a diverse range of financial goods and services. It presently serves 16.6 million customers with retail, business, institutional, and wealth management products and services. The bank had total assets of US$740 billion and total profits of US$19.52 billion as of 2016.

Bendigo Bank

In November 2007, Bendigo Bank and Adelaide Bank merged to establish Bendigo Bank. With about 7,200 workers, the bank is one of Australia's major retail banks. It has regional offices in Docklands, Melbourne, and Ipswich, Queensland, and is headquartered in Bendigo. It also has operations in Adelaide and South Australia. The bank's overall income was US$1.23 billion in 2016, while its total assets were US$327.3 billion.

AMP Bank Ltd

AMP Bank is a retail banking institution that was created in 1988. The bank is headquartered in Sydney and employs approximately 6,000 people. Deposits, home mortgages, self-managed superannuation fund products, practise finance loans, and transaction banking services are all available through AMP Bank. The bank is one of Australia's and New Zealand's premier independent wealth management firms. In Australia and New Zealand, AMP Bank services over five million individual customers and 400 institutional clients. They have operations throughout Asia, the Middle East, Europe, and North America, among other places. The bank's overall income in 2016 was $4,923 million, while its total assets were $5,984 million.

Suncorp Bank

In Australia and New Zealand, Suncorp Bank offers general insurance, banking, life insurance, and wealth management services. The Brisbane-based bank was founded in 1902. Suncorp Bank employs roughly 13,500 people and has a customer base of nine million across Australia and New Zealand. In 2016, the bank reported total assets of US$77.06 billion and total profits of US$13.8 billion.

Bankwest

Bankwest, which was created in 1895 as a rural lender to serve the State's farming sectors, has just lately made it onto the list of Australia's top ten banks. Agricultural Bank became a fully fledged trade bank in 1945. It was renamed Bankwest in 1994 after its incorporation in 1990. The bank is headquartered in Perth, with offices in Adelaide, Brisbane, Canberra, Melbourne, and Sydney. Bankwest specialises in personal banking, business banking, commercial banking, corporate and private banking, trade financing, agri-business finance, credit cards, and other financial services, and employs over 926 people.

Westpac Bank

The Bank of New South Wales, which became Westpac Bank in 1817, was Australia's first bank. When BNSW and the Commercial Bank of Australia amalgamated in 1982, it became Westpac Banking Corporation. Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac New Zealand are the five departments that provide banking products and financial services. Around 32,620 people work for the bank. Westpac has a customer base of 13 million people and is headquartered in Sydney. The bank made a total profit of US$8.1 billion in 2016 and had total assets of US$643 billion.

Bank of Queensland

Bank of Queensland is one of Australia's oldest banks, having been established in 1874. It is based in Queensland and provides retail banking services. The bank employs 48,556 people and has 200 locations around Australia. The bank's overall income was US$394 million in 2016, and its total assets were US$40.1 billion, making it one of Australia's top financial institutions.

Macquarie Bank

Macquarie Bank is Australia's largest investment bank, with headquarters in Sydney. The bank, which was founded in 1969, offers asset management and finance, banking, advising, risk, and capital solutions in the debt, equity, and commodities markets. Macquarie Bank is headquartered in Sydney and employs 13,597 people. The bank's overall income in 2017 was US$8.3 billion, while its total assets were US$145 billion.