The Australian major banks now own over 90% of the Mortgage market, and owns more than 95% of all mortgages in Australia. It has never been more important in the finance sector to find out whether the advice you are receiving comes from an Independent company or are they owned by a Bank. With this in mind, MST Active has compiled a list of companies that the major banks either owns or has a large share of the company.
The Commonwealth Bank of Australia owns the largest portions of all mortgage being written in Australia. Some of the companies CBA owns or owns a large stake in include, but no limited to:
• Aussie Home Loans
• Wizard Home Loans
• Bank West
• Colonial First State
• CommSec
• CommInsure
• ASB Bank (New Zealand)
• St. Andrew Insurance
• Storm Financials (before it collapsed in Jan 2009)
and more...
Westpac is second in line when it comes to the amount of mortgages it owns in Australia. With it's strong ad campaign to bring back 600 bank managers whilst at the same time double the RBA rate increase and release a condescending Banana Smoothie clip. It has seem to develop a case of double identity or trying the "Charm Offensive". The following are a list of a few companies Westpac owns or holds a large stake in:
• St. George
• RAMS Home Loans
• BankSA
• Bank of Melbourne (now non-existent)
• BT Financial Group
and more...
National Australia Bank was the only bank to keep in line with the recent RBA rate rise, and also used aggressive marketing to sway Westpac customers who were not satisfied with their huge increase in rates, to consider NAB. The following are a list of a few companies that NAB either owns or hold large stakes in them:
• Advantedge (previously Challenger Financial Services) which includes PLAN, FAST and Choice Aggregation services.
• HomeSide Lending
• MLC
• Northern Bank
• Aviva
• Goldman Sachs JBWere
• AXA Asia Pacific (pending)
and more...
ANZ is the smallest of the Big4 and is desperately trying to gain market share, however it has been named world's most sustainable bank consecutively in 2007 and 2008, sharing the award with Westpac in 2007. The following are a list of a few companies ANZ owns or hold large stakes in:
• ING Australia
• National Bank of New Zealand
• E*Trade
and more...
The Bendigo Bank is a innovative franchise system in which the local Community owns and operates the bank. Bendigo Bank has merged with the Bank of Adelaide in November 2007 to become the Bendigo and Adelaide Bank.
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