The Commonwealth Bank of Australia is not only the largest bank of Australia but also the largest bank in the Southern Hemisphere. It has operations in Australia, New Zealand along with a few branches in the United States of America as well as the United Kingdom. It deals in a plethora of financial services including but not limited to retail, business and institutional banking, funds management, superannuation, insurance, investment and broking services. The Commonwealth Bank is the largest listed company belonging to Australia, which is listed on the Australian Securities Exchange. The Commonwealth Bank is one of the ‘Big Four’, a term used for the 4 largest banks in Australia, with the other three being National Australia Bank, ANZ and Westpac.
The Commonwealth Bank was established by the Commonwealth Bank Act of 1911 which ruled in favor of bank nationalization. The Commonwealth Bank Act was introduced by the Labor government of Andrew Fisher and came into effect on 22 December, 1911. In the first of its kind move in those times, the Commonwealth Bank had both savings and general bank operations. The bank opened its first branch in Melbourne in 1912. It also had an agreement with Australia Post, which surprisingly exists to this day, that the bank would trade though post office branches too.