Biggest Banks in Australia

The Australia’s banking system is one of the safest in the world. It is dominated by four large retail banks that hold a combined market share of over 80%. Commonwealth Bank of Australia (CBA), headquartered in Sydney, is the largest bank in Australia by assets, market capitalization, loans and deposits. Australia and New Zealand Banking Group (ANZ), based in Melbourne, is the second largest Australian bank in terms of total assets.

Big Four Banks

Commonwealth Bank of Australia (CBA) is the leading bank in Australia providing a diverse range of banking, insurance, investment and wealth management services to more than 16.5 million retail, business and institutional customers through over 700 branches and around 1,950 ATMs. The Bank’s shares are traded on the Australian Securities Exchange, with a market capitalization of over A$200 billion as of March 2024.

Australia & New Zealand Banking Group employs over 40,000 people and operates through a network of more than 570 branches. It offers personal and business banking services including accounts, personal and home loans, life and non-life insurance, investments, private banking, retirement solutions, cash flow and risk management, payment solutions, foreign exchange, mobile app and more.

National Australian Bank (NAB), founded in 1982, offers transaction and savings accounts, low rate credit cards, Visa debit cards, personal and mortgage loans, business lending, insurance and investment products, private banking, retirement and wealth planning, asset management, travel and overseas banking, mobile and online solutions, foreign exchange, wire transfers and more. NAB is headquartered Melbourne and employs over 38,000 people.

Westpac Banking Corporation, based in Sydney, provides a comprehensive range of financial products and services to personal, business and corporate customers. It was established in 1817 and was the first bank in Australia. Westpac is the best major bank in Australia according to Mozo Experts Choice Awards.

Top 10 Australian Banks by Assets

Following table shows the biggest Australian banks ranked by total assets. Commonwealth is the largest bank in Australia by assets, deposits, market capitalization and number of branches and ATMs. The top 10 Australian banks hold combined assets of over A$5.3 trillion.

Rank Bank Total assets, A$b Balance Sheet
1 Commonwealth Bank of Australia 1,252.85 30.06.2023
2 ANZ Banking Group 1,105.62 30.09.2023
3 National Australia Bank 1,059.19 30.09.2023
4 Westpac 1,030.93 30.09.2023
5 Macquarie Group 394.594 30.09.2023
6 Suncorp Group 115.046 30.06.2023
7 Bank of Queensland 105.352 31.08.2023
8 Bendigo & Adelaide Bank 98.480 30.06.2023
9 ING Bank (Australia) 83.556 31.12.2022
10 HSBC Bank Australia 55.465 31.12.2022

Top 10 Australian Banks by Market Cap

Here is a list of the largest Australian banks ranked by market capitalization.

Rank Bank Market cap, A$B (May 30, 2024)
1 Commonwealth Bank of Australia $197.5 B
2 National Australia Bank $104.3 B
3 Westpac $89.9 B
4 ANZ Group Holdings $84.0 B
5 Macquarie Group $72.1 B
6 Suncorp Group $20.0 B
7 Bendigo and Adelaide Bank $6.2 B
8 Bank of Queensland $3.8 B
9 Judo Capital Holdings $1.4 B
10 Liberty Financial Group $1.2 B

Top Banks in Australia by Deposits

Listed below are the largest banks in Australia by domestic deposits. The top 5 Australian banks hold deposits of approximately A$2.5 trillion.

Rank Bank Residents Deposits (A$B)
1 Commonwealth Bank of Australia 707.414
2 Westpac Banking Corporation 538.164
3 National Australia Bank 478.248
4 Australia and New Zealand Banking Group 358.021
5 Macquarie Bank Limited 134.976
6 Bank of Queensland 69.739
7 Bendigo and Adelaide Bank 67.944
8 ING Bank (Australia) Limited 50.370
9 Suncorp Bank 50.218
10 HSBC Bank Australia 32.207

Based on the latest data from APRA report 2023