CBA - Commonwealth Bank
The Commonwealth Bank of Australia (ASX:CBA) is the largest of Australia’s ‘big four’ banks. It was originally formed by the Australian Government in 1911 and was listed on the Australian Stock Exchange in 1991 when it became a public company.
The Commonwealth Bank was created by an Act of the Australian Federal Government. Between 1920 and 1960 it acted to varying degrees as Australia’s central bank, but this ended when the government decided to create the Reserve Bank of Australia, which took over as Australia’s central bank. The Commonwealth Bank was later privatized by the Australian Government, a process which took place between 1991 and 1996.
The Commonwealth Bank offers banking, financial and related services. Its operations include retail banking, institutional banking, financial advice, fund management, superannuation, insurance, investment and broking. It has 1011 branches, wholly owns banks in New Zealand, Indonesia and Fiji, and partly owns banks in China.
In 2008 the Commonwealth Bank purchased the Australian company Wizard Home Loans, in partnership with another Australian company, Aussie Home Loans.
The Commonwealth Bank reported profits of AUD$4.723 billion in 2009.
Company headquarters are in Sydney, Australia.
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