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Commonwealth Bank is Australia’s largest bank, and has businesses that stretch across New Zealand, America, Fiji, Asia and the UK. It is listed on the Australian Securities Exchange as the second largest Australian company, and has officially won its bragging rights to the title of Australia’s “most convenient bank.†It is known for its excellent financial product, Commonwealth bank business loan rates.
Australia’s prized financial institution dates back to a decade after Australian independence in 1911, by Andrew Fisher’s labor government, which was a proponent of bank nationalization. The bank’s first office was opened in Melbourne in the following year 1912, and shortly thereafter merged with the branches of the state savings bank in Tasmania. In 1916 it moved its location to Sydney, and continued to expand. Over the next forty years, the bank maintained a number of facilities that were necessary to supporting trade, local business and savings. In the 1980’s Commonwealth bank began diversifying into other areas, such as currency trading and the distribution of credit cards. Deregulations on the bank began and the bank began acquiring a number of failed bank institutions, until the bank became fully privatized in the 1990’s. During the boom that occurred during this time, the bank was able to flourish, largely due to the low Commonwealth bank business loan rates.
Australia has since seen the bank as an excellent organization that has provided a wealth of credit and jobs for the Australian economy. Whether that opinion will change over time, given the questionable trajectory of the financial markets and changing attitudes toward them, or if it will continue to maintain its high status and financial success among the people is something that only time can tell.
