Commonwealth Bank
One of Australia’s largest providers of financial services for personal and business consumers, Commonwealth Bank is among the largest Australian institutions listed in Australian Stock Exchange. The firm is also a part of Morgan Stanley Capital Global Index.
Commonwealth Bank of Australia aims to establish its strengths to three key areas: its brand, its business mix which is strategically diversified and its scale. The bank’s brand is among the recognized names in Australia particularly in the financial services industry. It also has attained a market share in Australia’s banking industry.
Commonwealth Bank core businesses are concentrated in different business areas. Its banking division is among its primary businesses. The bank can provide a spectrum of financial services integrated in retail banking and commercial banking. Its retail banking services can include transaction accounts, home loans, personal loans, credit cards and term deposits. It leads in the provision of services for home loans, discount stock-broking and retail deposits. It issues most credit cards than any other in Australia.
The bank also caters to commercial products. It can provide business loans, equipment financing, trade financing and agribusiness financial products.
The bank is known to serve different types of entities in its Australasian markets. It caters to government institutions, private and public corporations and other major institutions situated on its market.
Commonwealth Bank can also provide a wide range of financial services aside from retail banking. It provides investment management where clients can choose to make investment directly from the bank by selecting the investment funds offer or through another product offered by the bank in which clients can obtain much larger investment advantage.
Aside from investment management or funds management in which the bank has gained a considerable market shares in Australia, Commonwealth bank can also assist clients in the allocation of assets through its asset management services.
Commonwealth Bank is not only a banking entity. It also provides risk management products such as insurance and superannuation. The finance firm is Australia’s largest life insurance carrier. It also caters in the management of pensions, retirement funds and superannuation.
Commonwealth bank has different networks to provide more convenience to clients in accessing its services. The bank provides ATM stations so clients can have access to their deposits. It also has 24 hour phone service that would enable customers to make transactions with the bank by phone.
Commonwealth Bank Netbank is Commonwealth Bank internet banking site that can provide clients with the convenience to transact with the bank online. Aside from banking transactions, the bank’s e-banking can cater to trading, brokerage and investment services.
Commonwealth Bank does not only provide its financial services to its niche in Australia. Through its branches and representative offices in other countries, Commonwealth’s products and services can be reached out to individuals and institutions in New Zealand, Fiji and Indonesia. It has retail bank branches in China, in London, Singapore, Tokyo, Hongkong and New York. It has opened representative offices in Bangalore, India; Hanoi, Vietnam and Beijing and Shanghai, China.
Commonwealth Bank also extends its insurance products and services in New Zealand and Fiji through its wholly-owned affiliates. It has joint venture with companies in Indonesia, China and Vietnam for the provision of its life insurance products in these countries.
Moreover, its fund management services can be availed overseas through its subsidiary First State which has operations in Singapore, London, Indonesia, China, Fiji and Hong Kong.
Commonwealth Bank operations are for profit. It has strategic goals for excellence in the local and international arenas in the industry it belongs. Nevertheless, it supports community businesses aimed for the enrichment of society. The bank participates in various community activities in Australia. Through its non-profit affiliate, Commonwealth Bank Foundation, the firm aims for the development of young Australians through education particularly in financial literacy.
Commonwealth Bank is a recognized Australian financial institution that provides financial services through its affiliates and banking divisions in Australia and other countries with branches and offices of the bank. Likewise, it performs its social responsibility inherent in its non-profit entity Commonwealth Bank Foundation.