20 Facts About Commonwealth Bank

Commonwealth Bank of Australia, or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom.

The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of August 2015 with brands including Bankwest, Colonial First State Investments, ASB Bank, Commonwealth Securities and Commonwealth Insurance .

Former global headquarters of Commonwealth Bank were the Commonwealth Trading Bank Building on the corner of Pitt Street and Martin Place, Sydney, which was refurbished from 2012 for retail and commercial uses, and the State Savings Bank Building on Martin Place, which was sold in 2012 to Macquarie Bank.

Commonwealth Bank opened its first branch in Melbourne on 15 July 1912.

Commonwealth Bank had many branches across Papua New Guinea including Port Moresby, Boroko, Rabaul, Lae, Wau, Bulolo, Goroka, Kavieng, Madang, Mount Hagen, Kundiawa, Popondetta, and Wewak.

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Commonwealth Bank received almost all central bank powers in emergency legislation passed during World War II and at the end of the war, it used this power to begin a dramatic expansion of the economy.

From 1958 to 1976 the Commonwealth Bank operated savings bank agencies in the New Hebrides.

Commonwealth Bank actively supported the introduction of decimal currency in the years leading up to 1966 and, like most banks, it gradually converted its paper records onto a new computer-based system.

In 1994 Commonwealth sold its shares in National Bank of Solomon Islands to Bank of Hawaii.

Commonwealth Bank held about 30 percent of the loan business of financial advisory company Storm Financial when it collapsed in January 2009.

In December 2009, Commonwealth sold Colonial National Bank to Bank of South Pacific.

Commonwealth Bank transferred their ATM service desk from HP Enterprise Services in Adelaide to ITS in Sydney from March 2012.

Commonwealth Bank is the only financial services organisation to appear in the Dream Employers' top 20 list of preferred employers for 2010 and 2011.

On 9 May 2018, Commonwealth Bank settled an interest rate rigging case brought by ASIC for $25 million.

Commonwealth Bank is one of the major Australian banks known to be financing and profiting from activities destructive to the Great Barrier Reef, something the bank has been facing increased public scrutiny over since a 2013 report by Market Forces; the Sydney Morning Herald had this to say:.

In October 2008, former CBA financial planner Jeff Morris alleged to the Australian Securities and Investments Commission and subsequently a Senate Inquiry, the extent of the misconduct of CBA's financial planning arm, Commonwealth Bank Financial Planning Limited, but it was not until 16 months later that ASIC would launch an investigation.

The Commonwealth Bank was called the gold medallist for ripping off customers by the counsel assisting the royal commissioner.

Commonwealth Bank is Australia's largest retail bank and offers customers a range of products and services, including loans, credit cards, transaction and savings accounts.

NetCommonwealth Bank allows customers to transfer funds, manage accounts, access assets and liabilities and manage savings and saving goals.

NetCommonwealth Bank is offered with a mobile app available for iOS and Android.