The Commonwealth Bank of Australia takes the top position on our list of Australian companies.
The Commonwealth Bank of Australia, headquartered in Sydney is a multinational banking services provider. It is the largest company listed on the Australian Stock Exchange with a revenue of 33.1 billion dollars in 2015 and 657 billion dollars in assets.
The bank specializes in retail, institutional and business banking, funds management, superannuation, broking and investment services. Ian Narev is the bank’s Chief Executive Officer and Managing Director. It was founded in 1911 by the Australian Government and was fully privatized in 1996. Through the 1930s, the bank became bigger and bigger by merging with other banks. During the World War II, the bank had received powers of a central bank in Australia through a legislation. Today, the bank has forged several strategic partnerships with banks around the world. It has cooperation agreements with Hangzhou City Commercial Bank and Jinan City Commercial Bank in China. It has a representative office in Bangalore, India. It also maintains a number of subsidiaries like CommInsure, Bankwest, ASB, Colonial National Bank across Australia, New Zealand and other countries.
The bank’s strategy is to ensure sufficient and sustainable funding to meet the liquidity needs of the bank and to meet the regulatory requirements of the monetary authority. It has good access to capital markets across Australia and has undertaken major borrowing programs in the past.
The bank is divided into three main divisions: Retail Banking services, Premium Business Services and Wealth Management. The bank is the only financial institution to have made it to the Dream Employer’s Top 20 list of preferred employers in the past years. It has also received recognition in the Australian Workplace Equality Index in 2016.
Revenue = $33.1 bn
Profits = $6.9 bn
Assets= $657.0 bn
The top 15 companies in Australia were considered and parameters like Revenue, profits and assets were chosen with weightages like 35%, 35% and 30% respectively. Once the final score is calculated, the top 10 companies are ranked.