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The Commonwealth Bank of Australia was established by the Commonwealth Bank Act 1911, introduced by the Andrew Fisher Labor government, which favoured bank nationalisation, with effect on 22 December 1911. [10] [11] In a rare move for the time, the bank was to have both savings and general bank business. The bank was also the first bank in ...
The New South Wales state government began the process of privatisation earlier than the federal government, in 1989. [15] Australia's first act of privatisation occurred in 1991, when the federal government sold the Commonwealth Bank of Australia, followed by the partial sale of Telstra and Qantas, all of which were significant national icons ...
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank.There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, [1] and a large number of other financial institutions, such as credit unions, building societies and mutual banks ...
The party's platform for the 1908 election was for a "Commonwealth Bank", which would have both commercial and central bank functions. [16] Regardless, Fisher's Labor government established the Commonwealth Bank by the Commonwealth Bank Act 1911, which came into effect on 22 December 1911. The new bank was a government-owned commercial bank ...
The Commonwealth Bank, as its name indicates, was also founded as public company before later being privatized. In Victoria many GBEs were sold in the 1990s to reduce the state's level of debt. The State Electricity Commission of Victoria and the Gas & Fuel Corporation were the best-known government enterprises to be disaggregated and sold.
Subsidiary of the Commonwealth Bank: Bendigo & Adelaide Bank: Bendigo: 1858: No [16] Beyond Bank Australia: Adelaide: 2008: Customer-Owned [17] Certified 2015 [18] Challenger Bank (previously MyLife MyFinance) [19] Melbourne: 1971: Subsidiary of the Heartland Bank [20] Commonwealth Bank: Sydney: 1911: Gateway Bank [21] Sydney: 1955: Customer ...
National Bank for Economic and Social Development (BNDES) (Federal Government-owned) Espírito Santo Development Bank (BANDES) (State of Espírito Santo-owned) Minas Gerais Development Bank (BDMG) (State of Minas Gerais-owned) Far South Regional Development Bank (BRDE) (States of Paraná, Santa Catarina and Rio Grande do Sul-owned)
Meanwhile, the State Bank of Vietnam is defined as an executive department under the Government of Vietnam, being the country's central bank that represents the government to manage functions of monetary, banking and foreign exchange operations as well as being the designated issuer of the national currency đồng.