The top 20 banking and finance firms in Australia in 2024 will be examined in this article.
Australia has a GDP of $1.69 trillion as of 2024, according to the IMF. In 2024, the economy of the nation is projected to expand at a 1.4% annual rate. As of 2024, the financial sector in Australia accounted for 7.4% of the country’s GDP, making it one of the main drivers of the economy.
In February, Australia’s inflation rate remained stable for the third consecutive month. The Australian Prudential Regulation Authority (APRA) intends to conduct its first financial system stress test to bolster its resilience against financial system risks, according to a March 26 Reuters story. John Lonsdale, the chair of Australia’s regulatory body, APRA, emphasized the nation’s high financial risk due to high-interest rates and inflation. The APRA acknowledged how various sectors’ risks were linked to the financial system’s risk. The stress test will be conducted gradually and will take into account major financial institutions. Londsale went on to emphasize that for banks to be ready for any financial threats, they must improve their stress testing capabilities.
Australia is pushing trade and investment abroad in an attempt to bolster its financial industry. Australia will establish an A$2 billion financing facility to boost trade and investment in Southeast Asia, according to a March 5 Reuters report. The fund will prioritize infrastructure and clean energy while offering loans, guarantees, equity, and insurance. Additionally, Australia is going to add A$140 million to an already-existing infrastructure program.
The Commonwealth Bank of Australia (OTC:CMWAY), ANZ Group Holdings Limited (OTC:ANZGY), and National Australia Bank Limited (OTC:NABZY) are a few of Australia’s largest banks and financial institutions. Below, we’ll talk about their significance in Australia’s financial system.
Australia’s top bank and provider of financial services is the Commonwealth Bank of Australia (OTC:CMWAY). The company declared on March 18 that it has partnered with Smartgroup to assist Australian families in obtaining additional benefits from their salaries. Customers of Smartgroup will now have access to Commonwealth Bank of Australia’s (OTC:CMWAY) promotional offers and products, which include 10 free trades on CommSec, the company’s online stockbroking platform, thanks to the new partnership.
In Australia, ANZ Group Holdings Limited (OTC:ANZGY) is among the largest banks and financial institutions. The business revealed on March 12 that it has partnered with Income Asset Management (IAM) to offer its extremely wealthy clientele a fresh approach to investing. Customers will now be able to invest in a bond portfolio managed by CIO Akshman Anantakrishnan of ANZ Group Holdings Limited (OTC:ANZGY). A$50 million is the minimum amount that can be invested in the bond.
With its headquarters located in Melbourne, National Australia Bank Limited (OTC:NABZY) is one of the biggest banks in Australia. To encourage investments in commercial real estate, the company introduced green finance for CRE on February 14. Customers in the commercial real estate market will benefit from green finance assistance in funding projects that lower greenhouse gas emissions.
In light of this, let’s examine Australia’s top 20 banking and financial firms as of 2024.
20 Biggest Financial and Banking Companies in Australia, 2024
Market Cap as of March 26: $131.97 billion
On our list of Australia’s largest financial and banking institutions for 2024, the Commonwealth Bank of Australia (OTC:CMWAY) comes in first. Over 17 million consumers are served by the company’s banking services. It employs over 80,000 people and has a robust workforce of 52,000. The company’s valuation as of March 26 is $131.97 billion.
Market Cap as of March 26: $70.36 billion
Based in Melbourne, National Australia Bank Limited (OTC:NABZY) is one of Australia’s largest banks and financial institutions. In addition to personal accounts, SMEs, private clients, and institutions, it serves over 8.5 million customers worldwide with financial services. The market capitalization of the company as of March 26 is $70.36 billion.
Market Cap as of March 26: $61.40 billion
One of Australia’s largest banks, Westpac Banking Corporation (OTC:WEBNF), was established in 1817. Institutional banking, corporate banking, business banking, personal banking, and agribusiness are among the services it offers. The company is valued at $61.4 billion as of March 26.
Market Cap as of March 26: $57.32 billion
One of Australia’s top banks and financial institutions is ANZ Group Holdings Limited (OTC:ANZGY). It offers wealth management services in addition to retail, commercial, institutional, and private banking. As of March 26, the company had a $57.32 billion market capitalization.
Market Cap as of March 26: $51.38 billion
In Australia, Macquarie Group Limited (OTC:MCQEF) is one of the largest banks and financial institutions as of 2024. The business offers a wide range of services, such as funds management, leasing, investment, capital raising, trading, and hedging. Macquarie Group Limited (OTC:MCQEF) has a $51.38 billion market capitalization as of March 26.
Market Cap as of March 26: $17.43 billion
QBE Insurance Group Limited (OTC:QBEIF), which was established in 1886, offers a variety of insurance services, such as liability insurance, warranty, accidental and health insurance, home insurance, landlord insurance, boat insurance, caravan insurance, and professional liability. As of March 26, QBE Insurance Group Limited (OTC:QBEIF) has a market value of $17.43 billion. On our list of the largest banks and financial institutions in Australia, it comes in at number six.
Market Cap as of March 26: $13.37 billion
Australia’s largest financial and banking companies include Suncorp Group Limited (OTC:SNMCY). The company offers banking, life insurance, and general insurance services. The company has twelve brands, including Suncorp, GIO, Bingle, and Aami. Suncorp Group Limited (OTC:SNMCY) has a market value of $13.37 billion as of March 26.
Market Cap as of March 26: $10.21 billion
One of Australia’s biggest insurance providers is Insurance Australia Group Limited (OTC:IAUGF). Through Intermediated Insurance Australia and Direct Insurance Australia, the company offers general insurance solutions. Every year, more than $14 billion in premiums are underwritten by Insurance Australia Group Limited (OTC:IAUGF). It is valued at $10.21 billion as of March 26.
Market Cap as of March 26: $10.04 billion
Share registry, entity management, board portal software, tax voucher solutions, employee share plans, SEC filings, and deposit protection are just a few of the many services and goods offered by Australian financial services provider Computershare Limited (OTC:CMSQY). Computershare Limited (OTC:CMSQY) has a market capitalization of $10.04 billion as of March 26.
Market Cap as of March 26: $8.46 billion
On our list of the largest financial services and banking companies in Australia in 2024, ASX Limited (OTC:ASXFY) comes in at number ten. The business is an integrated exchange that offers post-trade services, market insights, trading, settlement, and technical and information services for a variety of assets, including managed funds, stocks, derivatives, and exchange-traded funds. The market value of ASX Limited (OTC:ASXFY) as of March 26 is $8.46 billion.
Market Cap as of March 26: $7.92 billion
Investment management firm Washington H. Soul Pattinson and Company Limited (ASX:SOL) has its headquarters in Sydney, Australia. For more than 20 years, the company has offered investment services in structured yield, private markets, and equities. As of March 26, Washington H. Soul Pattinson and Company Limited (ASX:SOL) had a $7.92 billion market capitalization.
Market Cap as of March 26: $6.74 billion
Leading insurance provider Medibank Private Limited (OTC:MDBPF) specializes in health, life, travel, and job capacity evaluations as well as pet insurance. The market capitalization of Medibank Private Limited (OTC:MDBPF) as of March 27 is $6.74 billion.
Market Cap as of March 26: $5.96 billion
One of Australia’s top investment firms is Australian Foundation Investment Co Ltd (ASX:AFI). With more than 90 years of experience, the company offers shareholders profitable investment returns. Australian Foundation Investment Co Ltd (ASX:AFI) has a $5.96 billion market capitalization as of March 26.
Market Cap as of March 26: $4.39 billion
A financial services and investment management firm based in South Australia is called Argo Investments Limited (ASX:ARG). The company has approximately 90 equity holdings, cash, and investments totaling over $7 billion in its portfolio. Argo Investments Limited (ASX:ARG) has a $4.39 billion market capitalization as of March 26.
Market Cap as of March 26: $4.14 billion
Steadfast Group Ltd (ASX:SDF), a well-known insurance provider with its headquarters in Sydney, is an expert in premium funding, business insurance, personal and commercial insurance, and steadfast brokers. The gross written premium of the company is A$12.4 billion. The market value of Steadfast Group Ltd (ASX:SDF) as of March 26 is $4.14 billion.
Market Cap as of March 26: $3.71 billion
Australia’s Bendigo and Adelaide Bank Ltd (ASX:BEN) is a banking and financial services provider offering a wide range of services and products, such as business and personal banking, loans, investment products, commercial mortgages, and financial planning. Bendigo Bank, Adelaide Bank, Rural Bank, Up, Leveraged, and Community Enterprise Foundation are among the brands owned by the company. As of March 26, Bendigo and Adelaide Bank Ltd (ASX:BEN) had a market value of $3.71 billion.
Market Cap as of March 26: $3.44 billion
Leading provider of financial services, Netwealth Group Ltd (ASX:NWL) specializes in retirement, international equities, share trading, insurance, and investments. The market capitalization of Commonwealth Group Ltd. (ASX:NWL) is $3.44 billion as of March 26.
Market Cap as of March 26: $3.12 billion
One of Australia’s largest banks and financial institutions is Challenger Ltd (ASX:CGF). Annuities, retirement income, and fund management are the company’s areas of expertise. As of June 2023, the company had $23 billion in assets under management. As of March 26, Challenger Ltd (ASX:CGF) has a market valuation of $3.12 billion.
Market Cap as of March 26: $2.66 billion
19th on our list is Bank of Queensland Limited (OTC:BKQNY). The company offers banking solutions for both individuals and businesses. The market capitalization of Bank of Queensland Limited (OTC:BKQNY) is $2.66 billion as of March 26.
Market Cap as of March 26: $2.24 billion
One of Australia’s largest financial services companies is Hub24 Ltd (ASX:HUB). Fintech, group and retail insurance, direct market trading, investments, managed funds, and client portal technology are among the company’s areas of expertise. Hub24 Ltd (ASX:HUB) has a $2.24 billion market capitalization as of March 26.
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