The banking sector of Australia consists of many major and regional banks which are licensed under the Banking act 1959.The foreign banks are licensed to operate through their branch in Australia. The major segments are Central Bank, Australian-owned banks, Foreign-owned subsidiary banks, branches of foreign banks etc. The banking system is very competitive and well-developed. The banks are under the obligation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The banks are required to identify customers and then monitor them using a risk-based approach, maintain a compliance program, and report to Australian Transaction Reports and Analysis Centre (AUSTRAC) of any suspicious matters and file annual compliance reports.
The ranking of the top 10 banks in Australia is based on their Total Assets figures as profit doesn’t truly show the real financial condition of a bank. Total assets actually show the amount a bank has for transaction purposes.
10. Bank of Queensland
Bank of Queensland is an Australian banking and financial services company headquartered in Brisbane, Australia.
It is one of the leading and independent regional banks of Australia which offers alternative to anyone who is looking for full range of personal and professional bank services. Established in 1874, it has a network of about 270 branches in Australia with an employee strength of 1779. It has a market capitalization of 3.9 billion dollars. The bank operates its business through two segments: Banking and Insurance. It provides various financial services and products to its customers which include Savings Accounts, Personal Loans Insurances, Investing, International Services, Mortgagees, Investment Accounts, and Business Loans etc. Mr Davis is the chairman of the bank. Jon Sutton was appointed Managing Director and Chief Executive Officer in January 2015.It is ranked at 1805 out of Forbes Global 2000 companies. Forbes calculate Global 2000 by compiling a composite score for each company based on their rankings for profits, sales, assets and market value. The highest composite score gets the highest rank and then the ranking of Forbes 2000 is done in descending order. Bank of Queensland is ranked 10st on the basis of total asset figure in Australia.