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List of banks in Australia

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The Oriental Bank, one of Australia's earliest bank buildings, located in Melbourne, circa 1870s. The bank went out of business in around 1884 and was demolished shortly afterwards.

The following is the list of banks in Australia, as well as restricted authorised deposit-taking institutions (ADI),[1] credit unions, friendly societies and subsidiaries and branches of foreign banks in Australia. Financial institutions in Australia are supervised by the Australian Prudential Regulation Authority (APRA) as authorised deposit-taking institutions (ADI) under the Banking Act 1959 (Cth), as at 2 August 2017.[2]

Central bank

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The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank.[3] The bank's main policy role is to control inflation levels within a target range of 2–3%, by controlling the unemployment rate according to the 'non-accelerating inflation rate of unemployment' (NAIRU) by controlling the official cash rate.

Australian-owned ADIs (e.g. banks and building societies)

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The following is a list of authorised deposit-taking institutions.[4]

Bank Headquarters Established Owned by / Subsidiary of Certified B Corporation
Alex Bank Brisbane 2018
AMP Bank Sydney 1849
ANZ Bank Melbourne 1835
Australian Military Bank (previously Australian Defence Credit Union)[5] Sydney 1959
Australian Mutual Bank (previously Sydney Credit Union & Endeavour Mutual Bank)[6] Sydney 1953 Customer-Owned[7] Certified 2022[8]
Australian Settlements Limited[9] Sydney 1993
Australian Unity Bank[10] Melbourne 1840 Subsidiary of Australian Unity Limited
Auswide Bank (formerly Wide Bay Building Society) Bundaberg 1966
Avenue Bank Melbourne 2021[11]
Bank Australia (previously Members and Education Credit Union & Bankmecu) Melbourne 1957 Customer-Owned[12] Certified 2020[13]
BankFirst Melbourne 1972
Bank of Melbourne Melbourne 2011 Subsidiary of Westpac
Bank of Queensland Brisbane 1863
BankSA Adelaide 1848 Subsidiary of Westpac
BankVic Melbourne 1974 Customer-Owned[14] Certified 2020[15]
Bankwest Perth 1895 Subsidiary of the Commonwealth Bank
Bendigo & Adelaide Bank Bendigo 1858
Beyond Bank Australia Adelaide 2008 Customer-Owned[16] Certified 2015[17]
Challenger Bank (previously MyLife MyFinance)[18] Melbourne 1971 Subsidiary of the Heartland Bank[19]
Commonwealth Bank Sydney 1911
Gateway Bank[20] Sydney 1955 Customer-Owned[21]
G&C Mutual Bank[22] Sydney 1959 Customer-Owned[23]
Greater Bank Newcastle 1945 Division of Newcastle Greater Mutual Group (NGM Group)
Heritage Bank Toowoomba 1875 Customer-Owned[24]
Hume Bank Albury 1955 Customer-Owned[25]
IMB Bank Wollongong 1880
IN1Bank[26] Sydney 2019
Macquarie Bank Sydney 1969
ME Bank Melbourne 1994 Subsidiary of the Bank of Queensland
MyState Hobart 2009
National Australia Bank Melbourne 1982
Newcastle Permanent Building Society Newcastle 1903 Division of Newcastle Greater Mutual Group (NGM Group)
P&N Bank Perth 1990
Police Bank Sydney 1964 Customer-Owned[27]
QBank[28] Brisbane 1964 Customer-Owned[29]
Qudos Bank Sydney 1959 Customer-Owned[30]
RACQ Bank[31] Brisbane 1965 Owned by Royal Automobile Club of Queensland
Regional Australia Bank Armidale 1969
Rural Bank (previously Elders Rural Bank)[32] Melbourne 2000 Subsidiary of Bendigo & Adelaide Bank
St George Bank Sydney 1992 Subsidiary of Westpac
Suncorp Bank Brisbane 1902 Subsidiary of ANZ
Teachers Mutual Bank Sydney 1966 Customer-Owned[33] Certified 2022[34]
Tyro Payments Sydney 2003
UBank (previously 86 400) Melbourne 2008 Division of National Australia Bank
Unity Bank Aust Sydney 1970 Previously Maritime, Mining & Power Credit Union [35]
Up Melbourne 2018 Subsidiary of Bendigo & Adelaide Bank[36]
Westpac (previously Bank of New South Wales) Sydney 1817

Restricted ADIs (Restricted Authorised Deposit-taking Institutions)

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Restricted ADIs are newly licensed ADIs within Australia.[37] Restricted ADIs have the same obligations as full ADIs, but are restricted to only taking a total of $2 million of customer deposits during their restricted period. To protect these deposits, Restricted ADIs are required to hold a minimum of $3 million of prudential capital, as well as a $1 million resolution reserve to resolving any legal matters (or government costs for invoking the Financial Claims Scheme).[38]

Restricted ADIs have a two-year period to transition to being an unrestricted ADI (e.g. a full bank). This two-year period is designed to allow Restricted ADIs to build their systems and test them with a limited number of customers (less than 100). Once ready, the Restricted ADI can apply to APRA for the removal of restrictions, with the ADI then allowed to offer services to the general public.[37]

The following is a list of restricted ADIs.[39]

Restricted ADIs Headquarters Licensing date Licensing ceased
International Bank of Australia Sydney 2 November 2022 2 November 2024[40]
Islamic Bank Australia Sydney 5 July 2022 1 March 2024[41]

Credit Unions

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Credit Union Headquarters Owned by / Subsidiary of
Australian Central Credit Union (t/a People's Choice Credit Union) Adelaide
Australian Military Bank Sydney
B&E (t/a Bank of us) Launceston
Bank Australia Kew
Bank of Heritage Isle Surry Hills Division of Police Bank
Bananacoast Community Credit Union (t/a BCU Bank) Coffs Harbour Division of Police & Nurses
Bankstown City Unity Bank Bankstown Subsidiary of Unity Bank
Broken Hill Community Credit Union (t/a BHCCU) Broken Hill
Cairns Bank Cairns
Catalyst Money Sydney Division of Community Alliance Credit Union
Central Murray Credit Union Yarrawonga
Central West Credit Union Parkes
Coastline Credit Union West Kempsey
Community Alliance Credit Union Wollongong
Community CPS Australia (t/a Beyond Bank Australia) Adelaide
Community First Credit Union (t/a Community First Bank & EasyStreet) Sydney
Credit Union Australia (t/a Great Southern Bank) Brisbane
Credit Union SA Adelaide
Defence Force Credit Union (t/a Defence Bank)[42] Melbourne
DNISTER Ukrainian Credit Co-operative Essendon
EECU (Esso Employees' Credit Union) (t/a Nexus Mutual) Melbourne Division of Beyond Bank Australia
Family First Credit Union Lithgow
Fire Brigades Employees' Credit Union Surry Hills
Fire Service Credit Union Adelaide
Firefighters Mutual Bank Homebush Division of Teachers Mutual Bank
First Choice Credit Union Orange
First Option Credit Union Melbourne
Ford Co-operative Credit Society (t/a Geelong Bank) Geelong
G&C Mutual Bank Sydney
Goulburn Murray Credit Union Cooperative (t/a gmcu) Shepparton
Greater Bank Hamilton Division of Newcastle Greater Mutual Group (NGM Group)
Health Professionals Bank Homebush Division of Teachers Mutual Bank
Heritage Bank Toowoomba Division of Heritage and People's Choice
Horizon Credit Union (t/a Horizon Bank) Wollongong
Hume Bank Albury
Illawarra Credit Union Wollongong Division of Community Alliance Credit Union
IMB Bank) Wollongong
Intech Bank St Leonards Division of Bank Australia
Laboratories Credit Union (t/a LCU) North Ryde
Lysaght Credit Union Wollongong
Macarthur Credit Union (t/a The Mac) Camden
Macquarie Credit Union Dubbo
Maitland Mutual Building Society (t/a The Mutual Bank) East Maitland
Northern Inland Credit Union Tamworth
NOVA Mutual Newcastle Agent of Bendigo & Adelaide Bank
Orange Credit Union Orange
People's Choice Credit Union Adelaide
Police Bank Sydney
P&N Bank Perth
Police Credit Union Adelaide
QPCU (t/a QBANK) Brisbane
Queensland Country Bank Brisbane
Railways Credit Union (t/a MOVE Bank) Brisbane
Regional Australia Bank Armidale
Shoalhaven Community Credit Union Nowra Division of Community Alliance Credit Union
South West Slopes Credit Union Young
Southern Cross Credit Union Kingscliff
South-West Credit Union Co-Operative Warrnambool Division of Beyond Bank Australia
Summerland Credit Union Lismore
Teachers Mutual Bank Homebush
The Capricornian Rockhampton
Traditional Credit Union Casuarina
Transport Mutual Credit Union Surry Hills
UniBank Homebush Division of Teachers Mutual Bank
Unity Bank Sydney
Victoria Teachers (t/a Bank First) Hawthorn East
Warwick Credit Union (t/a Warwick Credit Union, Gympie Credit Union, Dalby Credit Union) Warwick
WAW Credit Union Co-Operative (t/a BankWAW) Wodonga
Woolworths Team Bank Mulgrave

Australian friendly societies

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Friendly society
Austock Life
Australian Friendly Society
Australian Scholarships Group Friendly Society
Australia Unity (parent of Lifeplan Australia Friendly Society)
Centuria Life
Foresters Friendly Society
Friendly Society Medical Association (t/a National Pharmacies)
KeyInvest
NobleOak Life
Maryvale Friendly Society
Queensland Irish Association Friendly Society
Sureplan Friendly Society
Transport Friendly Society
Victorian Friendly Societies Pharmacies Association

Foreign-owned subsidiary banks

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Foreign banks wishing to carry on a banking business in Australia must obtain a banking authority under the Banking Act 1959 issued by APRA, either to operate as a wholesale bank through an Australian branch or to conduct business through an Australian-incorporated subsidiary. Foreign banks which do not wish to obtain a banking authority may operate a representative office for liaison purposes, but the activities of that office are restricted.[43]

There are a number of foreign subsidiary banks; however, only a few have a retail banking presence — HSBC Bank Australia, Bank of Sydney and Citibank Australia have a small number of branches. Foreign banks have a more significant presence in the Australian merchant banking sector.

Bank Headquarters
Arab Bank Australia Sydney
Bank of China (Australia) Sydney
Bank of Sydney, subsidiary of Bank of Beirut Sydney
Citibank Australia, subsidiary of National Australia Bank Sydney
HSBC Bank Australia Sydney
ING Bank (Australia) a subsidiary of ING Group, Netherlands Sydney
Rabobank Australia (a subsidiary of Rabobank Nederland from October 1994) Sydney
Industrial and Commercial Bank of China (ICBC) Sydney[44]

Branches of foreign banks

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See also

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References

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  1. ^ APRA finalises new Restricted Authorised Deposit-taking Institution licensing framework
  2. ^ APRA, "List of Authorised Deposit-taking Institutions", as at 2 August 2017
  3. ^ "History of the RBA". Reserve Bank of Australia. Archived from the original on 17 February 2011. Retrieved 5 June 2009.
  4. ^ "List of authorised deposit-taking institutions covered under the Financial Claims Scheme". APRA. June 2023. Retrieved 6 July 2023.
  5. ^ "About Us | Australian Military Bank". www.australianmilitarybank.com.au. Retrieved 6 July 2023.
  6. ^ "About us | Australian Mutual Bank". australianmutual.bank. Retrieved 30 November 2021.
  7. ^ "About us | Australian Mutual Bank". australianmutual.bank. Retrieved 26 June 2024.
  8. ^ "Australian Mutual Bank - Certified B Corporation - B Lab Global". www.bcorporation.net. Retrieved 26 June 2024.
  9. ^ "About – ASL". 26 May 2020. Retrieved 6 July 2023.
  10. ^ "Our story | Australian Unity". www.australianunity.com.au. Retrieved 6 July 2023.
  11. ^ https://www.avenuebank.com.au/news/avenue-bank-granted-full-banking-licence/
  12. ^ "Our board and executive team | Bank Australia". www.bankaust.com.au. Retrieved 26 June 2024.
  13. ^ "Bank Australia - Certified B Corporation - B Lab Global". www.bcorporation.net. Retrieved 26 June 2024.
  14. ^ "Our Story | BankVic". www.bankvic.com.au. Retrieved 26 June 2024.
  15. ^ "BankVic - Certified B Corporation - B Lab Global". www.bcorporation.net. Retrieved 26 June 2024.
  16. ^ "About Us". www.beyondbank.com.au. 8 March 2024. Retrieved 26 June 2024.
  17. ^ "Beyond Bank Australia - Certified B Corporation - B Lab Global". www.bcorporation.net. Retrieved 26 June 2024.
  18. ^ "About us | Challenger Bank". www.bankchallenger.com.au. Retrieved 6 July 2023.
  19. ^ "Updates | Heartland Group". www.heartlandgroup.info. Retrieved 26 June 2024.
  20. ^ "Our Story | About Gateway | Gateway Bank". www.gatewaybank.com.au. Retrieved 6 July 2023.
  21. ^ "Gateway Bank | Our Story | About Gateway". Gateway Bank. Retrieved 26 June 2024.
  22. ^ "About us | G&C Mutual Bank". www.gcmutual.bank. Retrieved 6 July 2023.
  23. ^ "About us | G&C Mutual Bank". www.gcmutual.bank. Retrieved 26 June 2024.
  24. ^ "Who owns Heritage Bank?". www.heritage.com.au. Retrieved 26 June 2024.
  25. ^ "Why Hume Bank". Hume Bank. Retrieved 26 June 2024.
  26. ^ "Authority to carry on banking business 2023 – IN1Bank" (PDF). APRA. May 2023. Retrieved 6 July 2023.
  27. ^ www.policebank.com.au https://www.policebank.com.au/about-us. Retrieved 26 June 2024. {{cite web}}: Missing or empty |title= (help)
  28. ^ "QBANK | Our History". www.qbank.com.au. Retrieved 6 July 2023.
  29. ^ "QBANK | Our History". www.qbank.com.au. Retrieved 26 June 2024.
  30. ^ "Corporate Information | Qudos Bank". www.qudosbank.com.au. Retrieved 26 June 2024.
  31. ^ "Banking". www.racq.com.au. Retrieved 6 July 2023.
  32. ^ "About us". www.ruralbank.com.au. Retrieved 6 July 2023.
  33. ^ "Why we're different | Teachers Mutual Bank Limited". www.tmbl.com.au. Retrieved 26 June 2024.
  34. ^ "Teachers Mutual Bank Limited - Certified B Corporation - B Lab Global". www.bcorporation.net. Retrieved 26 June 2024.
  35. ^ "Our History | Customer Owned Banking".
  36. ^ "The Up Story". Up — Easy Money. Retrieved 26 June 2024.
  37. ^ a b "APRA finalises new Restricted Authorised Deposit-taking Institution licensing framework | APRA". www.apra.gov.au. Retrieved 6 July 2023.
  38. ^ "ADIs: New entrants – a pathway to sustainability" (PDF). APRA. August 2021. Retrieved 6 July 2023.
  39. ^ "Register of authorised deposit-taking institutions | APRA". www.apra.gov.au. Retrieved 6 July 2023.
  40. ^ https://www.listcorp.com/asx/nov/novatti-group-limited/news/sale-of-interest-in-international-bank-of-australia-3059655.html
  41. ^ https://islamicmoney.au/progress-update/
  42. ^ "Reforms for cooperatives, mutuals and member-owned firms". treasury.com.au. Retrieved 13 January 2023.
  43. ^ "foreignbanks.ch".
  44. ^ "欢迎光临中国工商银行悉尼网站". www.icbc.com.au. Retrieved 26 June 2024.
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