Who owns my bank?

Your bank could be owned by another, larger bank. Check who owns your bank here, and what impact this has on your money.

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By

Alison Banney

Updated

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4.6 based on 835 reviews

Key takeaways

  • Many smaller banks, credit unions and building societies are actually owned by bigger banks - particularly the Big Four.
  • If you're with a smaller bank, it may be nice to know they've got the financial backing of a big bank.
  • The owner of your bank is unlikely to impact your daily banking, but it's good to be aware of.

At a glance: Who owns my bank?

BankBank brands
WestpacSt.George, BankSA, Bank of Melbourne
NABUbank
ANZSuncorp Bank
CommBankBankwest, Aussie (part owner), Lendi Group (part owner)
Bendigo and Adelaide BankBendigo Bank, Adelaide Bank, Up, Rural Bank, Alliance Bank, Delphi Bank
Bank of QueenslandME Bank, Virgin Money

In depth: Who owns my bank?

The value of trust
Australians like to know who they're banking with. A 2023 Finder survey found that having a bank they 'know and trust' was the second most important feature when choosing a savings account, second only to the interest rate offered.
Source: Finder Consumer Sentiment Tracker 2023

Does it matter if my bank is owned by another bank?

Who owns your bank won't have too much of an impact on your day-to-day transactions. However, it could impact you if you've got a large amount of cash sitting in the bank.

The Australian government's Financial Claims Scheme (FCS), which guarantees the security of your money up to $250,000 per account holder per authorised deposit-taking institution (ADI), applies per banking licence rather than per brand. Brands that operate under their parent bank's licence share one $250,000 cap, while a bank that is owned by another bank but keeps its own licence gets its own cap. Without knowing which banks own what, your savings might not be as secure as you might think.

For example, let's say you had $250,000 in a savings account with Ubank and another $250,000 in a savings account with NAB. Because ubank is owned by NAB, these two banks share the one banking licence. This means that the Australian government will only guarantee your deposit up to $250,000 with both Ubank and NAB, not the full $500,000 you have deposited.

However, because Ubank and Westpac are operating under different licences, if you had your $500,000 split between these two banks instead the full amount would be covered under the scheme. The same applies to Suncorp Bank and ANZ: ANZ owns Suncorp Bank, but Suncorp Bank still holds its own banking licence (as Norfina Limited), so deposits with each bank are covered separately.

The financial claims scheme is there to protect your cash if the bank fails. But it's important to remember that banks are incredibly regulated, and it's very unlikely that a bank would suddenly go under.

Benefits of your bank being owned by another bank

There are some benefits to your bank being owned by a larger bank too. You usually get access to the larger banks ATM network all over the world, which is convenient and can also save you money in fees.

For example, St.George, BankSA and Bank of Melbourne are all owned by Westpac. If you're a customer of one of these smaller banks, you'll also get fee-free access to Westpac's ATM network. (RAMS, once a Westpac brand, is no longer part of Westpac: RAMS home loans are now provided by Pepper Money.)

You might also be able to access the bank branches for the parent bank, if there are no local bank branches in your area.

Frequently Asked Questions

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Editorial Manager, Money
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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise
Alison has written 592 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living
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60 Responses

    Max's avatar
    MaxNovember 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.

      Shirley Liu's headshotFinder
      ShirleyNovember 4, 2015Finder

      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

    Hassan's avatar
    HassanAugust 14, 2015

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

      Marc Terrano's headshotFinder
      MarcAugust 17, 2015Finder

      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.

    robert's avatar
    robertAugust 14, 2015

    who own bank of queensland

      Elizabeth Barry's headshotFinder
      ElizabethAugust 17, 2015Finder

      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

    charles's avatar
    charlesJuly 21, 2015

    I’ve been told recently that ANZ own Bendigo Bank, but I haven’t found anything confirm it. I’d be grateful for your comment on this.

      Belinda Punshon's avatar
      BelindaJuly 23, 2015

      Hi Charles,

      Thanks for your enquiry.

      I can confirm that Bendigo bank is not owned by ANZ. Rather, Bendigo bank is owned by ‘Bendigo and Adelaide Bank’.

      Thanks,
      Belinda

    Martin's avatar
    MartinJuly 16, 2015

    Who owns bankmecu?

      Belinda Punshon's avatar
      BelindaJuly 17, 2015

      Hi Martin,

      Thanks for your enquiry.

      Bankmecu is an Australian customer owned responsible bank that’s owned by mecu Ltd 2012.

      Thanks,
      Belinda

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