Commonwealth Bank of Australia (CBA or Commbank) was first created in 1911 by the Australian government (through the Commonwealth Bank Act 1911) and was privatised in 1996. The bank, which forms one of four big banks in Australia (Big Four - NAB, CBA, Westpac, ANZ) also has operations in New Zealand, Asia, and a smaller presence in other regions such as the United States of America.
CBA provides integrated financial services that include business and institutional banking, retail banking, life insurance, superannuation, funds management, general insurance, broking services and other finance company activities clients from institutional, small business owners to individuals. CBA is based in Australia but also has operations in the US, the UK, Singapore, Japan, Grand Cayman, Hong Kong, Fiji, Malta, China, Vietnam and Indonesia.
As at 30 June 2019, CBA had AUD 976.5 billion in total assets and employed 42,921 full-time equivalent employees (continuing operations).
The Commonwealth Bank of Australia is listed on the Australian Securities Exchange (ASX) under the code CBA.
Retail banking services - The retail banking services segment provides a range of banking services for its personal and small business customers. Products include home loans, superannuation, consumer finance, travel and international payment and retail deposits and servicing. The operations of Bankwest were merged into the retail banking services segment in the financial year end 30 June 2019. For the financial year end 30 June 2019, the retail banking services segment accounted for 46.60% (AUD 11,340.0 million) of total income.
Business and private banking - Provides specialised banking services and corporate financial services to Agribusiness customers and relationship managed businesses. It also delivers private banking and investment services through Commsec to high net worth individuals. For the financial year end 30 June 2019, the business and private banking segment accounted for 27.01% (AUD 6,573.0 million) of total income.
New Zealand - Operations in New Zealand include banking and funds management. Sovereign life insurance, the New Zealand life insurance business, was sold on 2 July 2018. For the financial year end 30 June 2019, New Zealand accounted for 10.14% (AUD 2,468.0 million) of total income.
Institutional banking and markets - Provides services to major corporations, institutional and government clients. This segment also operates in international banking markets, such as London, Malta, New York, Houston, New Zealand, Singapore, Hong Kong, Japan, Beijing, and Shanghai. The institutional equities business stopped operating during the year. For the financial year end 30 June 2019, the institutional banking and markets segment accounted for 10.04% (AUD 2,444.0 million) of total income.
Wealth management - Comprised of global asset management, including operations in the Asian and European regions. It also includes advisory services and a range of insurances for the Australian operations. CFSGAM (including operations in Asia and Europe) and CommInsure Life operations have been discontinued. For the financial year end 30 June 2019, the wealth management segment accounted for 3.61% (AUD 879.0 million) of total income.
International financial services (IFS) and other - Provides international financial services, banking, and insurance services and products in Vietnam and China. For the financial year end 30 June 2019, the IFS and other segment accounted for 2.91% (AUD 707.0 million) of total income.
Note: Unallocated items accounted for -0.30% of total income for the financial year end 30 June 2019, in order to balance total income with "total net operating income before impairment and operating expenses", as presented in the income statement.
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