Businesses 4 facts about Australia’s largest bank, the Commonwealth Bank...

4 facts about Australia’s largest bank, the Commonwealth Bank of Australia


The Commonwealth Bank of Australia is Australia’s largest commercial bank based on assets, market capitalisation and deposits. It has been in operation for over a century (since 1911) and is headquartered in Sydney. The bank offers a comprehensive range of services across both Australia and New Zealand, with over 1100 branches. Here are some obvious and more obscure facts about Australia’s most well-known banking enterprise.

Fact 1: They use a lot of celebrities for marketing

Glenn McGrath
Glenn McGrath

In 2014, the Commonwealth Bank of Australia hired M&C Saatchi and Ikon Communications to develop a comprehensive campaign celebrating their school banking history. The advertising campaign used a range of well-known Australian celebrities, including one of Australia’s most adored sporting icons, Glenn McGrath.

Fact 2: The Royal Commission hit them hard

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry indicated that the Commonwealth Bank of Australia had a negative culture. However, there have been other controversies attached to Australia’s largest bank, including a 2008 financial planning scandal and a 2016 Ponzi scheme controversy.

Fact 3: They were privatised in the 1990s

Between 1991 and 1996, the Commonwealth Bank of Australia was privatised by the Australian Government. The first share offer was valued at $1.292 million, the second in 1993 and the third in 1996. While they are a public company, they are one of the only companies not to have “Limited” at the end.

Fact 4: David Murray is the longest-reigning CEO

David Murray was the CEO of the bank between 1992 and 2005. As the longest-reigning CEO, his role was to oversee the transition of the bank into a privatised enterprise. During his tenure, the bank’s market capitalisation increased massively from $6 billion to $49 billion. He was appointed an Officer of the Order of Australia in 2007 for his efforts.

Henry Kentish
Henry Kentish
Henry Kentish is a national business reporter. Before coming to Quilter, Henry was the lead reporter on Business for SM in Melbourne. He reported on the national economy for Bloomberg News and BusinessWeek. He also spent a year in the US covering Australian business and politics issues.

Latest news

What is involved in a gastric sleeve surgery and who it is suitable for

A gastric sleeve surgery is a medical procedure which involves cutting away and removing a portion of the stomach...

Russell Jack, Southland Yoga Instructor, Explains the Top 5 Benefits of Yin Yoga

The practice of yoga has skyrocketed thanks to the coronavirus pandemic as more people are turning to exercise options...

The benefits of using a tax agent in Perth, and how to find a good one

If the most current statistics are to be believed, then the takeaway is that a large majority of Western...

Career advice from Bill Gates on building success

If there’s any businessperson in the world to accept career advice from, it is undoubtedly Bill Gates. The founder...

Top 3 best Australian inventions of the last century

Australia has produced some of the scientific world’s best thinkers, researchers and inventors. Some of the following items on...

Top 4 Australian media outlets based on popularity and viewership

Australia’s media sector is saturated with a variety of outlets. It is one of the last remaining countries with...

Must read

You might also likeRELATED
Recommended to you