big-4-banks

Australian bank mergers and acquisitions: Who owns my bank?

Find out the story behind each bank and how they came to be.

Ownership of banks and lenders has become more concentrated in recent years. In essence, the big banks own more of the pie than ever before, although an exception to this is ANZ which hasn’t made any significant acquisitions of smaller lenders or competitors.

For consumers looking for a better deal, it may be of concern that many of the alternative lenders are actually owned by the big three banks – Commonwealth Bank, Westpac and NAB – and that the banking goliaths are closing their nets. This matters, because the Australian government's Financial Claims Scheme (FCS), which guarantees the security of your money in banks up to $250,000 per institution, applies to a bank's subsidiaries as well. Without knowing which banks own what, your savings might not be as secure as you might think. In this article, we give you the full scoop on who owns what in Australian banking.

List of bank ownership in Australia

This information on bank ownership is based on FCS data provided by the institutions themselves. While it may not be a complete list, or might not be up to date, it can be a useful way of checking whether your deposits are covered by the FCS with specific banks.

  • AMP Bank Ltd
  • Australia and New Zealand Banking Group Ltd (ANZ)
    • Esanda
  • Australian Military Bank Ltd
    • RSL Money
  • Auswide Bank Ltd
    • Queensland Professional Credit Union Ltd
  • Bank Australia Ltd
  • Bank of Queensland Ltd
    • BOQ Specialists (BOQS)
  • Bendigo and Adelaide Bank Ltd
    • Adelaide Bank
    • Alliance Bank
    • AWA Alliance Bank
    • BDCU Alliance Bank
    • Bendigo Bank
    • Circle Alliance Bank
    • Community Sector Banking
    • Delphi Bank
    • Service One Alliance Bank
  • Commonwealth Bank of Australia
    • BankWest
  • Community CPS Australia Ltd (trading as Beyond Bank Australia)
  • Community Mutual Ltd
    • Regional Australia Bank
  • Defence Bank Ltd
  • Greater Bank Ltd
  • G&C Mutual Bank
  • Heritage Bank Ltd
  • Hume Bank Ltd
  • IMB Ltd (trading as IMB Bank)
    • The Shire
  • Macquarie Bank Ltd
  • Members Equity Bank Ltd (ME Bank)
  • MyState Bank Ltd
    • The Rock
  • National Australia Bank Ltd (NAB)
    • UBank
  • Police Bank Ltd
    • Customs Bank
  • Police Financial Services Ltd (trading as BankVic)
  • Police & Nurses Ltd (trading as P&N Bank)
  • QT Mutual Bank Ltd
  • Qudos Mutual Ltd (trading as Qudos Bank)
  • QPCU Ltd
  • Rural Bank Ltd
  • Suncorp-Metway Ltd
  • Teachers Mutual Bank Ltd
    • UniBank
  • Victoria Teachers Ltd (trading as Victoria Teachers Mutual Bank)
  • Westpac Banking Corporation
    • Bank of Melbourne
    • BankSA
    • St.George Bank
  • Australian Central Credit Union Ltd (trading as People's Choice Credit Union)
  • Bananacoast Community Credit Union Ltd (BCU)
  • Bankstown City Credit Union Ltd
  • CAPE Credit Union Ltd (trading as CAPE)
  • Central Coast Credit Union
  • Central Murray Credit Union Ltd (also known as CMCU)
  • Central West Credit Union Ltd
  • Coastline Credit Union Ltd
  • Community Alliance Credit Union Ltd
    • Catalyst Money
    • Illawarra Credit Union
    • Western City Credit Union
  • Community First Credit Union Ltd
    • Easy Street Financial Services
    • Northern Beaches Credit Union
    • Manly Warringah Credit Union
  • Credit Union Australia Ltd (CUA)
  • Credit Union SA Ltd
  • Dnister Ukrainian Credit Co-operative Ltd (also known as Dnister)
  • ECU Australia Ltd
  • Nexus Mutual
  • Family First Credit Union Ltd
  • Fire Service Credit Union Ltd
  • Firefighters & Affiliates Credit Co-operative Ltd
    • Emergency Services Credit Union
    • Firefighters Credit Union
    • Fireys CU
    • IMG Credit Union
  • First Choice Credit Union Ltd
  • First Option Credit Union Ltd
  • Ford Co-operative Credit Society Ltd (also known as FCCS Credit Union)
  • Gateway Credit Union Ltd
  • Goulburn Murray Credit Union Co-operative Ltd
  • Heritage Isle Credit Union Ltd
  • Holiday Coast Credit Union Ltd
  • Horizon Credit Union Ltd
  • Hunter United Employees' Credit Union Ltd
  • Intech Credit Union Ltd
    • Telstra Credit Union
  • Laboratories Credit Union Ltd (LCU)
  • Latvian Australian Credit Co-operative Society Ltd
  • Lithuanian Co-operative Credit Society 'Talka' Ltd
  • Lysaght Credit Union Ltd
  • MacArthur Credit Union Ltd (also known as The Mac)
  • Macquarie Credit Union Ltd
  • Maritime, Mining & Power Credit Union Ltd
    • Collie Miners Credit Union
    • Reliance Credit Union
  • MCU Ltd
    • Maleny Credit Union
  • My Credit Union Ltd
  • Northern Inland Credit Union Ltd
  • Nova Credit Union Ltd
  • Orange Credit Union Ltd
  • Police Credit Union Ltd
  • Pulse Credit Union Ltd
  • Queensland Country Credit Union Ltd (also known as Queensland Country)
  • Queenslanders Credit Union Ltd
  • Railways Credit Union Ltd (trading as myMOVE)
  • Select Encompass Credit Union Ltd
  • South West Slopes Credit Union Ltd
  • Southern Cross Credit Union Ltd
  • South-West Credit Union Co-Operative Ltd (trading as South-West Credit)
  • Summerland Credit Union Ltd
  • Sydney Credit Union Ltd
    • Comtax Credit Union
    • Karpaty Ukrainian Credit Union
    • Security Credit Union
  • The Broken Hill Community Credit Union Ltd
  • The Capricornian Ltd
  • The Gympie Credit Union Ltd
  • Traditional Credit Union Ltd
  • Transport Mutual Credit Union Ltd (also known as Transport Mutual and TMCU)
    • RTA Credit Union
  • Warwick Credit Union Ltd
  • WAW Credit Union Co-Operative Ltd
  • Woolworths Employees' Credit Union Ltd (WECU)

These Australian banks are part of overseas institutions.

  • Arab Bank Australia Ltd
  • Bank of China (Australia) Ltd*
  • Bank of Sydney Ltd
  • Citigroup Pty Ltd (trading as Citibank and Citi)*
  • HSBC Bank Australia Ltd
  • ING Bank (Australia) Ltd (trading as ING Direct)*
  • Rabobank Australia Ltd
    • RaboDirect
  • B & E Ltd
  • Big Sky Building Society Ltd
  • Maitland Mutual Building Society Ltd (The Mutual)
  • Newcastle Permanent Building Society Ltd

List of Independent Banks in Australia

According to the FCS, the following institutions are independently owned, and are not under the umbrella of another institution. Note that the FCS does not guarantee the accuracy of this information, and it may be out of date.

  • AMP Bank Ltd
  • Australia and New Zealand Banking Group Ltd (ANZ)
  • Australian Military Bank Ltd
  • Auswide Bank Ltd
  • Bank Australia Ltd
  • Bank of Queensland Ltd
  • Bendigo and Adelaide Bank Ltd
  • Commonwealth Bank of Australia
  • Community CPS Australia Ltd (trading as Beyond Bank Australia)
  • Community Mutual Ltd
  • Defence Bank Ltd
  • Greater Bank Ltd
  • G&C Mutual Bank
  • Heritage Bank Ltd
  • Hume Bank Ltd
  • IMB Ltd (trading as IMB Bank)
  • Macquarie Bank Ltd
  • Members Equity Bank Ltd (ME Bank)
  • MyState Bank Ltd
  • National Australia Bank Ltd (NAB)
  • Police Bank Ltd
  • Police Financial Services Ltd (trading as BankVic)
  • Police & Nurses Ltd (trading as P&N Bank)
  • QT Mutual Bank Ltd
  • Qudos Mutual Ltd (trading as Qudos Bank)
  • QPCU Ltd
  • Rural Bank Ltd
  • Suncorp-Metway Ltd
  • Teachers Mutual Bank Ltd
  • Victoria Teachers Ltd (trading as Victoria Teachers Mutual Bank)
  • Westpac Banking Corporation

At a glance: Overview of Australian banking ownership

Commonwealth BankWestpacNABBank of QueenslandBendigo Bank
BankwestRAMSUBankVirgin MoneyAdelaide Bank
Aussie (as a major shareholder)St.GeorgeMLC Investec BankDelphi Bank
Colonial First StateBankSABank of New ZealandHome Building Society LtdRural Bank
Bank of Melbourne

As it happened: The story behind the conquests

NAB history

National Australia Bank came into being in 1982 from the merging of the National Bank of Australasia and the Commercial Banking Company of Sydney. The following decade was marked by rapid expansion as it swiftly grew around the world, opening and closing offices in the US, Korea, Greece, Malaysia, Great Britain and elsewhere. In 1992 NAB solidified its market share in New Zealand by purchasing the Bank of New Zealand, which controlled about a quarter of the country's banking market at the time.

The next major push in Australia came in 2000 when NAB merged with MLC in a $4.5 billion deal which was then one of the most valuable mergers in corporate history. From there, NAB started focusing more closely on the domestic market and selling off assets overseas. UBank was created by NAB in 2008 as a branchless direct bank to help serve the growing market for online banking services.

In recent years NAB has redoubled efforts to focus on the Australian market, demerging and selling off major assets in the United States and Great Britain. Today, NAB is one of Australia's Big Four banks, with a strong focus on the domestic market but enough overseas reach to serve its customers in an increasingly connected age.

Currently, NAB owns UBank, MLC and Bank of New Zealand among others.

Rates last updated February 23rd, 2017
$
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NAB Classic Banking
$0 monthly account fees.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Open More
NAB Gold Banking
Enjoy unlimited access to your money with no service charge plus no fee for transactions in foreign currencies.
Visa $0 $5,000 No monthly account fees. Enjoy unlimited access to your money with no service charge plus no fee for transactions in foreign currencies. More
NAB Personal Overdrafts
Whenever you need a little extra money now and then.
Visa $0 $0 No application fee but a bi-annual fee applies. More
NAB Retirement Account
A retirement account with easy access to your money.
Visa $0 $0 No monthly fees with no overdrawn fees and unlimited transactions at NAB or RediATMs. More

Banks owned by Westpac

Westpac was Australia's first bank, established in 1817 as the Bank of New South Wales. It wasn't known as Westpac (short for Western Pacific) until about 150 years later when it merged with the Commercial Bank of Australia in 1982. The coming decades were marked by tumultuous ups and downs as its ownership of historical branches around the Pacific region was gradually reduced.

Westpac's growth was punctuated in 2008 when it purchased St.George Bank (which at the time owned BankSA) for $19 billion, as well as RAMS Home Loans. Bank of Melbourne was created in the following years, and along with BankSA, it operates as a partially separate brand to more closely serve local customers.

St.George Bank, RAMS, Bank of Melbourne and BankSA are currently among Westpac Banking Corporation's assets. As such, if you're banking with one of these, you can use any ATMs in the network without paying extra fees.

Rates last updated February 23rd, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Westpac eSaver Account - for migrants
Introductory rate of 2.95% p.a. for 5 months, reverting to a rate of 1.50% p.a. Available on the entire balance.
2.95% 1.50% 1.45% $0 $0 / $0 Open More
Westpac eSaver
Introductory rate of 2.51% p.a. for 5 months, reverting to a rate of 1.05% p.a. Available on the entire balance.
2.51% 1.05% 1.46% $0 $0 / $0 Open More
Westpac Reward Saver
Ongoing, variable 1.75% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.75% 0.01% 1.74% $0 $0 / $0 Open More
Rates last updated February 23rd, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
RAMS Saver Account
Ongoing, variable 3.00% p.a. when you deposit $200+ each month and make no withdrawals. Available on balances up to $500,000.
3.00% 1.35% 1.65% $0 $0 / $0 More
Rates last updated February 23rd, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
St.George Maxi Saver
Introductory rate of 2.75% p.a. for 3 months, reverting to a rate of 1.00% p.a. Available on balances below $5,000,000.
2.75% 1.00% 1.75% $0 $1 / $1 More
St.George DIY Super Saver
Earn a competitive interest rate on your superfund.
2.00% 0.75% 1.25% $0 $0 / $0 More
St.George Incentive Saver
Ongoing, variable 1.75% p.a. when you make at least one deposit and no withdrawals. Available on the entire balance.
1.75% 0.01% 1.74% $0 $0 / $1 More
St.George Investment Cash Account
Ongoing, variable 0.45% p.a.. Available on balance $500,000 and over.
0.45% 0.45% 0.00% $0 $500,000 / $0 More
St.George Business Access Saver
Ongoing, variable 0.60% p.a. when you link to a St.George business transaction account. Available on the entire balance.
0.60% 0.60% 0.00% $0 $0 / $0 More
Rates last updated February 23rd, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
BankSA Maxi Saver
Introductory rate of 2.75% p.a. for 3 months, reverting to a rate of 1.00% p.a. Available on the entire balance.
2.75% 1.00% 1.75% $0 $1 / $1 Open More
BankSA Incentive Saver Account
Ongoing, variable 1.75% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
1.75% 0.01% 1.74% $0 $0 / $0 Open More
BankSA Investment Cash Account
Ongoing, variable 0.45% p.a. Available on the entire balance.
0.45% 0.45% 0.00% $0 $500,000 / $10,000 More
BankSA DIY Super Saver
Introductory rate of 2.00% p.a. for 3 months, reverting to a rate of 0.75% p.a. Available on entire balance.
2.00% 0.75% 1.25% $0 $0 / $1 More
BankSA Business Access Saver
Ongoing, variable 0.60% p.a. when you link to a business transaction account. Available on the entire balance.
0.60% 0.60% 0.00% $0 $0 / $0 More

Bendigo and Adelaide Bank

Bendigo Bank, as the name suggests, was created on the goldfields of Victoria in 1858 as a building society. In the following years it grew around Australia, merging with other groups as the country became more closely connected. Its services also grew and it transformed from a building society to a holistic bank with a strong community focus. The Bendigo Building Society (BBS), as it was known at the time, was the first bank in Australia to successfully introduce both Visa credit and debit cards, and in 1995 it was renamed Bendigo Bank to more closely match the wider services on offer.

In the face of challenges unique to rural areas and agricultural businesses, Bendigo Bank and Elders Australia came together to form Rural Bank, with a focus on agribusiness development.

The next significant change came in 2007 when Bank of Queensland made a takeover offer which was refused by Bendigo Bank. Instead, it merged with Adelaide Bank in a $4 billion deal, and in 2008 the company name was officially changed to Bendigo and Adelaide Bank Limited. In 2011 it acquired Bank of Cyprus operations in Australia and renamed it Delphi Bank

In keeping with its origins as a sustainable bank for Australians, in 2014 Bendigo Bank became the first in Australia to turn away from fossil fuel investments, and in 2015 it openly supported the building and funding of a mosque in its home town of Bendigo, with the bank chairman stating that the values of tolerance and inclusiveness were part of Bendigo Bank. As a community bank, Bendigo and Adelaide Bank has shown that it's willing to stand up for its company values.

Bendigo Bank's assets currently include Adelaide Bank, Delphi Bank and Rural Bank.

Rates last updated February 23rd, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Bendigo Bank EasySaver Account
Ongoing, variable 1.25% p.a. when you link to Bendigo Bank transaction account. Available on the entire balance.
1.25% 1.25% 0.00% $0 $0 / $1 More
Bendigo Bank CommunitySaver Account
Ongoing, variable 1.25% p.a.. Available on the entire balance.
1.25% 1.25% $0 $0 / $1 More
Bendigo Bank PiggySaver Account
Ongoing, variable 1.25% p.a. .Available on the entire balance. Designed for kids under 12.
1.25% 1.25% 0.00% $0 $0 / $1 More
Bendigo Bank Christmas Club Account
Ongoing, variable 0.25% p.a.. Available on the entire balance.
0.25% 0.25% 0.00% $0 $0 / $1 More

Commonwealth Bank acquires Bankwest and Colonial First State

Commonwealth Bank is not only one of the largest banks in Australia, it's also one of the single largest companies the country has ever seen, with ownership of well-known brands including Bankwest and Colonial First State. It opened its first branch in Melbourne in 1912 but offered an immediately expanded reach thanks to an agreement with Australia Post that still exists to this day in the form of Bank@Post facilities.

Coming decades saw more mergers as smaller organisations joined forces with Commonwealth Bank to help it become an integral part of Australia's financial landscape and weather the Great Depression, two World Wars and many other challenges. In 1959, Commonwealth Bank had become too large to serve as the nation's central bank as well as a business institution, and the Reserve Bank of Australia was created.

Privatisation continued over the years, until 1991 when both divisions were completely separate. The next big step came in March of 2000 when Commonwealth Bank and Colonial First State announced the intention to merge. This was swiftly completed, and by June both companies were under the same umbrella. In 2008, Commonwealth Bank announced that it had purchased Bankwest from a British banking company.

Today you can find Bankwest and Colonial First State services within the Commonwealth Bank. In addition to this, it currently holds about an 80% stake in Aussie Home Loans.

Rates last updated February 23rd, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Commonwealth Bank NetBank Saver
Introductory rate of 2.50% p.a. for 3 months, reverting to a rate of 1.05% p.a. Available on balances up to $5,000,000.
2.50% 1.05% 1.45% $0 $0 / $1 More
Commonwealth Bank Goal Saver Account
Ongoing, variable 1.80% p.a. rate when you deposit at least $200 p/m with no withdrawals. Available on balances up to $100,000.
1.80% 0.01% 1.79% $0 $0 / $0 More
Commonwealth Bank Youthsaver Account
Ongoing, variable 2.30% p.a. when you make at least one deposit with no withdrawals each month. Available on the entire balance.
2.30% 0.01% 2.29% $0 $0 / $0 More
Rates last updated February 23rd, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Bankwest Hero Saver
Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
2.65% 0.01% 2.64% $0 $0 / $0 Open More
Bankwest TeleNet Saver
Introductory rate of 2.75% p.a. for 4 months, reverting to a rate of 1.50% p.a. Available up to balance of $5,000,000.
2.75% 1.50% 1.25% $0 $0 / $1 More
Bankwest Smart eSaver
Ongoing, variable 2.10% p.a. when you link to a Bankwest transaction account and make no withdrawals. Available on balances up to $500,000.
2.10% 0.01% 2.09% $0 $0 / $1 More
Bankwest Kids' Bonus Saver
Ongoing, variable 4.75% p.a. when linked to a Bankwest Children's Savings Account and you deposit $25-$250 each month. Available for children under the age of 15.
4.75% 0.01% 4.74% $0 $0 / $0 More

Beyond Bank is created

Beyond Bank is an organisation of many names, depending on which part of Australia you're located. The most widely known around the country is probably Community CPS Australia, but in parts of South Australia you might know it as Alliance, in New South Wales you may have seen it as Wagga Mutual Union or Companion Credit Union, while its presence in Western Australia goes by United Community Credit Union.

For obvious reasons, it brought all the names together under the title of Beyond Bank. Today it operates as an award-winning community bank, bringing the local focus on which it was built to each state it operates in.

Rates last updated February 23rd, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Beyond Bank Community Reward Savings Account
Ongoing, variable 1.40% p.a.. Available on balance $200,000 plus
1.40% 1.40% 0.00% $0 $0 / $0 More
Beyond Bank Christmas Club Savings Account
Ongoing, variable 0.75% p.a.. Available on the entire balance.
0.75% 0.75% 0.00% $0 $0 / $0 More
Beyond Bank monEsaver Account
Ongoing, variable 2.10% p.a. when you link a second account with Beyond Bank that allows for internal transfers between accounts. Available on balance $200,000 plus.
2.10% 2.10% $0 $0 / $0 More

Mergers, acquisitions, renaming and everything else is all part of the banking business. As the world becomes more interconnected, the financial products and companies will inevitably change. The previous century was all about physical growth in order to become the biggest bank with the most customers.

Today you may see the opposite in effect. Bank branches cost money to maintain, and most people prefer to do their banking online or over the phone anyway. Online savings accounts are one example of how the industry responds to these changes. By doing it all online the banks can reduce their overhead costs and offer more competitive rates to customers.

Acquisitions are part of the business, and by comparing all the options, you as a customer can benefit. Switching banks has never been easier and the freedom to walk away is yours.

Adrian Barclay

Adrian spends most of his working hours writing about home loans and everything property, as well as interviewing finance experts.

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42 Responses to Australian bank mergers and acquisitions: Who owns my bank?

  1. Default Gravatar
    Pam | February 16, 2017

    Who owns ING Direct as at 2017? It seems it was acquired by ANZ in 2009.I can’t find any up to date information if thisis still the case.

    • Staff
      Anndy | February 17, 2017

      Hi Pam,

      Thanks for your question.

      On the ING Direct website, it still says that the trading name of ING Bank (Australia) Limited is wholly owned by ING Group.

      Cheers,
      Anndy

  2. Default Gravatar
    Mary | January 8, 2017

    Is there any overseas ownership of the ANZ Bank?
    For example the Chase Manhattan Bank.

    • Staff
      Anndy | January 16, 2017

      Hi Mary,

      Thanks for your question.

      ANZ has global presence as they have branches or affiliates in over 30 countries. For more details, you can visit the Worldwide page of the ANZ website.

      Cheers,
      Anndy

  3. Default Gravatar
    Zihad | May 18, 2016

    Who owns IMB

    • Staff
      Anndy | May 19, 2016

      Hi Zihad,

      Thanks for your question.

      The Illawarra Mutual Bank (IMB) has an ownership model that is structured as a mutual bank and thus it is member-owned. IMB is regulated by the Australian Prudential Regulation Authority (APRA) and is a member of the Customer Owned Banking Association which represents mutual banks, building societies and credit unions across Australia.

      Cheers,
      Anndy

  4. Default Gravatar
    Steve | April 19, 2016

    Hi,
    Just wondering whatever happened to Mutual Community Building Society, I know the health insurance division is now Bupa, but don’t know what happened to the building society arm.
    Thanks.

    • Staff
      Shirley | April 20, 2016

      Hi Steve,

      Thanks for your question.

      Unfortunately there’s not much information available to the public about what happened to Mutual Community Build Society. I’d recommend that you give ASIC a call on 1300 300 630 as they would be able to provide further assistance.

  5. Default Gravatar
    Anna | March 15, 2016

    Who does ME Bank belong to? as I see they have the best interest rate at the moment.

    • Staff
      Shirley | March 16, 2016

      Hi Anna,

      Thanks for your question.

      ME is owned by industry super funds and isn’t owned by a specific bank.

  6. Default Gravatar
    Alan | November 6, 2015

    Who owns Illawarra Mutual Bank?
    Sydney Bank?
    RABO?
    Suncorp?
    Many thanks
    Al.

    • Staff
      Belinda | November 12, 2015

      Hi Alan,

      Thanks for your enquiry.

      Illawarra Mutual Bank (IMB)’s ownership model is structured as a mutual bank and thus it is member-owned.

      IMB is regulated by the Australian Prudential Regulation Authority (APRA) and is member of the Customer Owned Banking Association which represents mutual banks, building societies and credit unions across Australia.

      Thanks,
      Belinda

  7. Default Gravatar
    Renie | November 4, 2015

    Hi ty for you time, my question is, is the WeRe bank real an is it in operation in australia

    • Staff
      Shirley | November 4, 2015

      Hi Renie,

      Thanks for your question.

      Were Bank is not registered with ASIC, so it’s not an authorised deposit-taking institution. In this case we’d recommend that you speak ASIC about it’s operation in Australia.

      Cheers,
      Shirley

  8. Default Gravatar
    Max | November 4, 2015

    Hi,

    I am living overseas and returning to Australia soon.

    If I owe money to an overseas bank that has no connection with any of the Australian Banks, can the overseas bank freeze my Australian bank account in the event that I am unable to pay my debts to the overseas bank ??? I’m presuming that in order to do so they would first have to apply to an Australian court for permission to do so ??? I am I right in presuming that ???

    Also, if an overseas bank approaches an Australian Bank about me, are the Australian Banks obliged to decline the request for information from an overseas bank ???

    Thanks.

    • Staff
      Shirley | November 4, 2015

      Hi Max,

      Thanks for your question.

      You will need to disclose all of your debts on your statement of affairs with the Australian bank. Many overseas creditors have provable claims and are entitled to participate in the voting process and, if the debt agreement proposal is accepted, you may be liable to pay back the debt.

      Whether or not you are released from overseas debts at the end of your debt agreement will depend on the relevant laws in the country in which the contract was executed. This might mean, for example, that a creditor from overseas receives a portion from your debt agreement but you are still liable to pay the balance after your debt agreement.

      For more information, please speak to the Australian Financial Security Authority.

      Cheers,
      Shirley

  9. Default Gravatar
    Hassan | August 14, 2015

    Has westpac anything to do with hsbc in terms of ownership?

    • Staff
      Marc | August 17, 2015

      Hi Hassan,
      thanks for the great question!

      HSBC owns a relatively small stake in Westpac (about 17% as of 2014).

      I hope this helps,
      Marc.

  10. Default Gravatar
    robert | August 14, 2015

    who own bank of queensland

    • Staff
      Elizabeth | August 17, 2015

      Hi Robert,

      Thanks for your question.

      Bank of Queensland has not been acquired by any other financial institution and remains a publicly traded company listed on the ASX.

      I hope this has helped.

      Thanks,

      Elizabeth

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