Office address: Level 1, Commonwealth Bank Place - South, 11 Harbour Street, Sydney NSW 2000
Website: www.commbank.com.au
Year established: 1911
Company type: financial services
Employees: 52,000
Expertise: business loans, retail banking services, home loans, credit cards, personal loans, transaction accounts, equipment and trade finance, demand and term deposits, commercial transportation, energy, financial services, rural and agribusiness products, food products, clothing
Parent company: N/A
CEO and key people: Matt Comyn, CEO
Financing status: public
Commonwealth Bank of Australia or CBA is a multinational provider of integrated financial and banking services. As part of the “Big Four” banks in the country, CBA serves over 17 million customers and has over $126.32 billion market capitalisation in 2024.
CBA was founded in 1911 by the Australian Government and was privatised in 1996. The bank’s first branch was opened on Moore Street in Sydney, which is a street known today as Martin Place.
CBA was an active party in Australia’s history, helping reshape the country’s economic status. During World War 2, CBA assumed central bank functions, showcasing its pivotal role in the nation’s economy.
The bank underwent privatisation in 1991, becoming a publicly listed company. Since then, CBA won the No. 1 Australian company and the No. 1 bank in the globe on the Global 100 index for ESG practices.
In CBA’s 2023 study on millennials and Gen Z, the company plans to adopt ways to cater to the younger generation, showing the company’s preparation and initiative.
CBA offers a range of financial services, tailored to meet the diverse needs of its customers. Some of its key products include:
CBA's culture encompasses a variety of advocacies and values, such as helping Australia’s local and indigenous communities. Practices in sustainability, corporate governance, and the well-being of its employees are part of what makes CBA a leading company in ESG practices.
The company fosters a workplace where diversity is celebrated, ethical practices are important, and employees are supported through comprehensive benefits, such as:
CBA’s data-driven and research-based approach in its yearly strategies have amounted to a strong sense of awareness in social trends and financial strategy. Their Global Economic & Markets Research (GEMR) team has been the key to finding changes in the economy and society. GEMR provides both the clients and the company with important economic insights, which in turn allows them to adapt to change.
Before Matt Comyn was appointed CEO in 2018, he held different leadership positions at CBA spanning over 20 years. His decades of experience have enabled him to have a strong background in technological innovation, customer services, banking experience, operational efficiency, and risk management.
Comyn has a master's in commerce and finance from UNSW. He also attended Harvard Business School and has an MBA from the University of Sydney.
CBA aims to keep using its platforms to support customers, invest in communities, and contribute to the stability of the broader economy. With a foundation built on helping the country and its people, its vision for the future is framed around sustainability, good governance, and customer engagement.
In recent news, CBA plans to integrate millennials into the property business- the company’s market research shows that millennials are the most active property investors in Australia. CBA’s networks, partnerships, influence, and team of researchers will place the company at a favorable advantage over the years to come.
He is tasked to lead aggregator relationships and drive strategic growth for the retail broker channel
Representatives from Tiimely and CitoPlus join the board to support innovation and standardisation in mortgage lending
Four lenders cut rates, one hikes
He will succeed Stephen Halmarick, who is departing after 15 years at the bank
Rate cuts and hikes split the market as lenders respond to shifting borrowing conditions
Three of big four banks now agree on timing of first RBA cut
Major banks and smaller lenders make rate changes, offering both cuts and hikes across products
Cuts dominate hikes, though uncertainty lingers over RBA's next cash rate move
Loan Market exec gives insights
Home loans up by $8.6 billion over the quarter
