Commonwealth Bank Statistics

In this analysis of Commonwealth Bank of Australia (CBA), one of Australia's largest financial institutions. Our research breaks down its market presence, customer demographics, historical development, and significant acquisitions.

With a market share of roughly 14.3%, CBA leads the pack among the Big Four banks and significantly influences Australia's financial industry.

This analysis delves into the bank's expansive operations, which include a vast network of branches and ATMs across Australia and New Zealand and a global presence that extends to key international markets.

Market share

The four main banks in Australia, also known as the Big Four, hold a commanding share of the country's banking sector, a staggering 75%. (Statista)

• Commonwealth Bank of Australia (CBA): Largest market share, around 14.3%. (NZTE)
• Westpac Banking Corporation: Around 11.6% market share.
• National Australia Bank (NAB): Holds roughly 9.8% of the market.
• Australia and New Zealand Banking Group (ANZ): Market share around 8.8%

CBA is a publicly traded company, meaning it's no longer owned by the government but has shares available on the Australian Securities Exchange (ASX). (Commonwealth Bank)

The bank's headquarters are at Tower 1, 201 Sussex Street, in a brand new, nine-storey building on the western side of Sydney's city centre. (Wikipedia)

The bank employs around 51,800 staff and operates more than 11,000 branches. It is the largest bank in Australia and offers a diversified range of financial products and services. (Mortgage Choice)

In 2022, the Commonwealth Bank held the 49th position in the "Top 1000 World Banks". (Wikipedia)

According to the bank’s annual report, it has 741 branches and 1956 ATMS in Australia and New Zealand. (Commonwealth Bank)

History

• The bank was founded in 1911 by the Australian government and opened its first branch in Melbourne in 1912. (RBA)

Acquisitions

The company has spent over $2.66 billion on acquisitions. (Tracxn)

• November 6, 2018: Acquired PEXA for $1.1 billion, facilitated by Allens.
• February 11, 2015: Acquired Tyme for $31 million.
• February 11, 2015: Acquired TymeBank (undisclosed amount).
• December 18, 2012: Acquired a majority stake in Aussie (undisclosed amount).
• October 8, 2008: Acquired Bankwest for $1.51 billion.
• December 21, 2004: Acquired Symetry for $21.3 million.

Scandals

The bank has faced controversies, including fines for misleading customers and breaches of disclosure laws. These are some of the noteworthy scandals CBA has been embroiled in:

• “Court whacks CBA with a record $10 million fine for wage theft.” – 2024 (AFR)
• “Law-breaking on a grand scale." Court told CBA failed to disclose non-compliance to investors” — 2022 (SMH)
• “Commonwealth Bank found to have misled consumers.” A successful civil suit saw them paying out a whopping $700 million. – 2018 (ACCC)
• “The inside account of how Commonwealth Bank tried to bury the scandal that sparked a royal commission.” – 2013 (ABC)

Employees

• The average Commonwealth Bank of Australia salary ranges from approximately $60,803 per year for a Customer Service Representative to $193,068 for a Senior Engineering Manager. (Indeed)
• Average Commonwealth Bank of Australia hourly pay ranges from approximately $30.42 per hour for a Customer Service Representative to $74.80 per hour for a Software Engineer. (Indeed)
• In 2023, CBA decided to cut 192 back office jobs. (Reuters)
• Matt Comyn is the current CEO of the Commonwealth Bank of Australia (CBA). He has held this position since April 9, 2018. (Commonwealth Bank)

Worldwide presence

Core market

While primarily focused on the Australian market, CBA also has a presence in New Zealand through its subsidiary ASB Bank. (Wikipedia)

Rest of the world

They maintain offices in other locations like the United States, United Kingdom, and Asia to facilitate international trade and investment. (Wikipedia)

Products and services

For individuals

• Bank accounts: CBA offers everyday transaction accounts, savings accounts with competitive interest rates, term deposits, student accounts, and premium accounts with added benefits.
• Loans: CBA provides a variety of home loans for purchase, refinancing, and construction, along with personal loans, car loans, and lines of credit.
• Credit cards: CBA offers a range of credit cards, including low interest cards, rewards cards, balance transfer options, and cards tailored for students and cards for first timers looking to build credit.
• Investments: CBA provides investment services such as term deposits, share trading through CommSec, and managed funds, along with financial planning services through Commonwealth Financial Planning.
• Insurance: CBA offers home and contents insurance, car insurance, life insurance, income protection, and travel insurance, often through third-party providers.

For businesses

• Business transaction accounts: CBA offers a variety of business accounts, including transaction and savings accounts tailored for business needs, and dedicated business credit cards.
• Business loans: CBA provides a range of business loans, including commercial property loans, equipment finance, working capital loans, and small business loans.
• Merchant services: CBA offers merchant solutions, including EFTPOS terminals, online payment gateways, and contactless payment options like SmartPay.
• International banking: CBA provides foreign exchange services, international trade financing, and global transaction banking solutions for businesses engaged in international trade.
• Risk management solutions: CBA helps businesses manage risks associated with foreign exchange, interest rate fluctuations, and commodity pricing through hedging and risk management tools.

Institutional banking

• Institutional services: CBA offers specialised services for institutional investors, government entities, and large corporations, including tailored financial solutions, corporate finance, corporate charge cards, and access to capital markets.

Wealth management

• Wealth management: Through its private banking division, CBA provides tailored wealth management services, including investment advice, portfolio management, and superannuation solutions, for high-net-worth individuals.

The statistics and research have been updated per the last updated date for freshness, accuracy, and comprehensiveness.