Commonwealth Bank facts for kids

Quick facts for kids
Commonwealth Bank of Australia

Headquarters at Commonwealth Bank Place in Sydney
Type	Public
Traded as	ASX: CBA S&P/ASX 200 component
ISIN	ISIN: [https://isin.toolforge.org/?language=en&isin=AU000000CBA7 AU000000CBA7]
Industry	Financial services
Founded	22 December 1911; 113 years ago (1911-12-22) (government bank) 12 September 1991; 33 years ago (1991-09-12) (public company)
Headquarters	Commonwealth Bank Place South, 11 Harbour Street, Sydney, New South Wales , Australia
Number of locations	709 branches 1,916 ATMs  (2024)
Areas served	Australia China European Union Hong Kong Indonesia Japan London New Zealand New York Singapore
Key people	Matt Comyn (CEO)
Products	Asset management Banking Commodities Credit cards Equities trading Insurance Investment management Mortgage loans Private equity Wealth management
Operating income	$21.17 billion (2024)
Net income	$9.8 billion (2024)
Total assets	A$1.254 trillion (2024)
Total equity	A$73.08 billion (2024)
Members	17.6 million (2024)
Number of employees	53,000+ (2024)
Divisions	CommBank divisions Business Banking Institutional Banking and Markets Retail Banking Services
Subsidiaries	CommBank subsidiaries ASB Bank Bankwest Colonial First State CommInsure Commonwealth Securities Sovereign Limited
Capital ratio	12.3% (2024)
Rating	AA- (2024)

The Commonwealth Bank of Australia (CBA), often called Commonwealth Bank or CommBank, is a large Australian bank. It operates in many countries, including New Zealand, Asia, the United States, and the United Kingdom. The bank offers many different financial services. These include banking for everyday people and businesses, managing money, insurance, and investment services.

As of July 2024, Commonwealth Bank is the biggest Australian company listed on the Australian Securities Exchange. It owns other well-known brands like Bankwest and ASB Bank in New Zealand. The bank was started by the Australian Government in 1911. It became a fully private company in 1996. Commonwealth Bank is one of Australia's "big four" banks, along with National Australia Bank (NAB), ANZ, and Westpac.

In 2018, the bank faced challenges regarding its business practices. It worked to improve its culture and how it serves customers. In August 2024, Commonwealth Bank was listed as the 66th largest company in the world by its market value.

History of Commonwealth Bank

How the Bank Started (1911–1919)

The Commonwealth Bank of Australia was created by a law in 1911. This law was introduced by the government at the time. The bank was special because it offered both savings accounts and general banking services. It was also the first bank in Australia to have its deposits guaranteed by the federal government.

The first branch opened in Melbourne on July 15, 1912. The bank also worked with Australia Post to offer services through post office agencies. By 1913, it had branches in all six Australian states. In 1916, the bank moved its main office to Sydney. It also opened branches in New Guinea to support Australian soldiers.

Commonwealth Bank's Role as a Central Bank (1920–1959)

The Commonwealth Trading Bank Building (1916-1960)

In 1920, the Commonwealth Bank started to take on duties like a country's main bank, also known as a central bank. It became responsible for printing Australian bank notes. In 1924, a board of directors was created to help manage the bank.

During the Great Depression in 1931, the bank's board disagreed with the government about how to handle the economy. This disagreement was a big event in Australian history.

The bank also expanded by taking over other savings banks in New South Wales and Western Australia. During World War II, the bank's operations in Papua New Guinea were paused. They restarted later to help with trade and local businesses.

After the war, the bank grew a lot. It opened many new branches across Australia. In 1951, it even opened a branch in the Solomon Islands.

By 1958-1959, people debated whether the bank should be both a central bank and a regular commercial bank. Because of this, the government decided to separate these roles. The Reserve Bank of Australia was created to be the central bank. Commonwealth Bank then focused only on being a commercial bank.

Growing and Changing (1960–1991)

1980s logo

In the 1970s, Commonwealth Bank started offering new services like insurance and travel. It also became more involved in international banking.

The bank helped Australia switch to decimal currency in 1966. It also started using computers to manage its records. In 1974, Commonwealth Bank launched Bankcard, Australia's first credit card. Later, it also offered MasterCard and Visa cards.

As Papua New Guinea became independent in 1974, the bank handed over its operations there to a new local bank. In 1989, Commonwealth Bank bought a large part of ASB Bank in New Zealand. In 1991, it also acquired the State Bank of Victoria.

Becoming a Private Company (1991–Present)

Logo used until 2020

48 Martin Place; the Commonwealth Bank's headquarters from 1990-2009

Between 1991 and 1996, the Australian Government sold all its shares in Commonwealth Bank. This made it a fully private company.

The bank continued to grow by merging with other companies. In 2000, it merged with Colonial Limited. This expanded its services in areas like funds management and insurance. It also gained full ownership of ASB Bank in New Zealand.

Commonwealth Bank also looked for opportunities in Asia. It took full ownership of PT Bank International Indonesia in 2000, renaming it PT Bank Commonwealth. In 2005, it partnered with Chinese banks and opened an office in Bangalore, India.

In 2008, Commonwealth Bank bought Bankwest and Wizard Home Loans. This helped it offer more home loans and insurance.

In 2018, the bank faced a public inquiry into its past actions. It admitted to some issues and worked to improve its conduct and how it serves customers. The bank paid a settlement for some past practices. In 2023, it sold its shares in PT Bank Commonwealth in Indonesia.

Commonwealth Bank Headquarters

Commonwealth Bank has had several main offices over the years. It started in Melbourne, then moved to Martin Place in Sydney. In recent years, the bank has moved its main operations to new buildings in Darling Harbour in Sydney.

As of October 2024, most Commonwealth Bank staff work from locations like CBP South, CBP North, The Foundry, Axel, or CBS in Sydney.

How the Bank is Organized

Customer Services

This part of the bank helps everyday people and small businesses. It offers bank accounts and loans.

Business and Institutional Services

This section helps larger businesses and big organizations. It provides services for global markets and private banking customers.

Wealth Management

Wealth Management helps people manage their money for the future. This includes things like superannuation (retirement savings), insurance, and financial advice.

Bank Leaders

The Commonwealth Bank has had many important leaders throughout its history. These leaders have guided the bank through different times and changes.

International Presence

Commonwealth Bank has a presence in several countries around the world:

• It has retail banks in New Zealand (ASB Bank) and Indonesia (PT Bank Commonwealth).
• It has investments in banks in China and Vietnam.
• There are Commonwealth Bank branches in major cities like London, New York City, Tokyo, Hong Kong, and Singapore.
• It also has joint ventures for life insurance in Indonesia and China.
• The bank has a Global Capability Center in Bangalore, India.

Products and Services

Commonwealth Bank is Australia's largest retail bank. It offers many products and services to its customers. These include:

• Loans for homes and other needs.
• Credit cards.
• Accounts for everyday spending and savings.
• It has the biggest network of branches and ATMs in Australia.
• The bank also helps people who are planning to move to Australia.

NetBank Online Banking

Commonwealth Bank offers online banking through a service called NetBank. This allows customers to manage their money from a computer or phone. You can transfer funds, check your accounts, and set savings goals. NetBank also has a mobile app for iOS and Android devices.

Beem It App

Beem It is a mobile app that lets people send money instantly to each other. It was owned by Commonwealth Bank, NAB, and Westpac, and later sold to Eftpos Australia. You can use it to pay, transfer, request, or split money with friends, no matter which bank they use.

Bank Subsidiaries

Commonwealth Bank owns several other companies, called subsidiaries:

Australia

• Bankwest
• Colonial First State
• CommInsure (for insurance)
• Commonwealth Securities (for investing)

Asia Pacific

• PT Bank Commonwealth (Indonesia)

New Zealand

• ASB

Türkiye

• TR Commbiz (Turkey)

Sponsorships

Commonwealth Bank supports many sports and events:

• It has sponsored Cricket Australia since 1987, including for women's cricket. This partnership will end in June 2025.
• Since April 2021, Commonwealth Bank has partnered with Football Australia. It sponsors the women's national football teams, known as the Commonwealth Bank Matildas, Young Matildas, and Junior Matildas. This partnership is extending to include the men's national teams from September 2025.
• In November 2022, Commonwealth Bank became an official supporter for the 2023 FIFA Women's World Cup.
• The bank is also the current sponsor for Western Sydney Stadium since 2021.

Profits by Year

Year	Profit
2010	$6.1 billion
2011	$6.8 billion
2012	$7.1 billion
2013	$7.8 billion
2014	$8.7 billion
2015	$9.1 billion
2016	$9.4 billion
2017	$9.8 billion
2018	$9.2 billion
2019	$8.4 billion
2020	$7.3 billion
2021	$8.65 billion
2022	$9.6 billion
2023	$10.16 billion

Images for kids

• 

  Tower 1, 201 Sussex Street; headquarters from 2010-2022 and now a secondary head office

• 

  A Commonwealth Bank branch office

See also

In Spanish: Commonwealth Bank para niños