The banking sector in Australia consists of some of the major banks and regional banks which have the license to carry on banking business. The major segments of banks are Central Bank, Australian-owned banks, Foreign-owned subsidiary banks, branches of foreign banks etc. The banking system has a structured system which is very competitive and well-developed.
The ranking of the top 10 banks in Australia is based on their Total Assets figures. The rationale behind considering assets value is that profit doesn’t truly show the financial condition of a bank. Banks do daily transactions and the 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. Founded in 1874, it is one of the oldest banks in Queensland. With an employee strength of about 1,119, the bank operates through a network of about 270 branches. It has more than 650,000 customers. Some of the key executives of the bank include Stuart Grimshaw, Managing Director and Chief Executive Officer, and Neil Summerson, Chairman. The bank provides various financial products and services to its customers which include Savings Accounts, Personal Loans, Mortgages, Insurances, Investing, International Services, Transaction Accounts, Investment Accounts, and Business Loans etc. It is ranked tenth among the banks in Australia based on total assets figure and the bank has a market capitalization of $ 3.8 billion.