Commonwealth Bank Of Australia (ASX: CBA) Is A Major Bank In Australia, One Of The Top Four Banks In Australia, Headquartered In Sydney. Listed On The Australian Stock Exchange, Commonwealth Bank Of Australia Is An International Financial Services Company That Provides Banking Services, Fund Management, Superannuation, Brokerage Services, Etc. To Retail, Commercial And Institutional Clients. The Group Holds And Manages Total Assets Of Approximately $428.7 Billion. Currently (early 2019), Commonwealth Bank Of Australia Is The Largest Bank In Australia, With 1,267 Branches And 4,253 Automated Teller Machines (ATMs).

History

Commonwealth Bank Of Australia Was Established In 1911 And Functioned As The Central Bank Of Australia For 50 Years. Commonwealth Bank Of Australia Became A Publicly Traded Company On The Australian Stock Exchange In 1991, And The Bank Was Privatized In Three Steps And Completed In 1997. By 2012, Commonwealth Bank Of Australia Had Grown Into A Business With 800,000 Shareholders And 52,000 Employees.

September 20, 2017 AIA Group Acquired Commonwealth Bank Of Australia's Life Insurance Business In Australia And New Zealand, As Well As Its Life And Health Insurance Business In New Zealand For AUD 3.80 Billion; And Established A 20-year Strategic Bancassurance Partnership With Commonwealth Bank Of Australia And ASB Bank.

May 23, 2018 Commonwealth Bank Of Australia's Insurance Company Sold 37.5% Of BoCommLife Insurance To Mitsui Sumitomo Insurance For 74.70 Billion Yen. BoCommLife Insurance Will Become A Joint Venture Between Mitsui Sumitomo Insurance And Bank Of Communications. Bank Of Communications Will Contribute 62.5%.

October 23, 2018 FWD Group Acquired An 80% Stake In PT Commonwealth Life (PTCL), The Indonesian Life Insurance Business Of Commonwealth Bank Of Australia, For AUD 426 Million. The Two Parties Also Entered Into A 15-year Strategic Distribution Agreement, Which Will Allow Commonwealth Bank Of Australia's Exclusive Agent To Distribute Related Products.

October 31, 2018 Mitsubishi UFJ Financial Group Acquired First State Investments, The Global Asset Management Arm Of Commonwealth Bank Of Australia, For AUD 4.13 Billion (USD 2.90 Billion). Upon Completion Of The Transaction, Its Asset Management Scale Will Reach 727.2 Billion US Dollars, Making It The Largest Asset Management Company In The Asia Pacific Region.

June 21, 2021 Commonwealth Bank Of Australia Sold Its General Insurance Business CommInsure To South Africa-based Hollard Group, Which Is Expected To Earn More Than 1 Billion Australian Dollars.

Operations

Commonwealth Bank Of Australia Is Australia's Largest Financial Services Provider, Providing A Full Range Of Financial Services Including Banking, Securities, Insurance, Funds, Etc. It Currently Has Operations In 13 Countries And Territories. At The End Of The 2011 Financial Year (as Of June 30, 2011), The Total Asset Size Reached 667.9 Billion Australian Dollars, And The Net Profit After Tax (cash Basis) Was 6.835 Billion Australian Dollars (approximately 47.3 Billion Yuan), An Increase Of 12% Over The Same Period Last Year. Commonwealth Bank Of Australia Is The Largest Bank In Australia And The Ninth Largest In The World In Terms Of Market Capitalization. Commonwealth Bank Of Australia Is Known For Its Stable Operation And Enjoys A Global Reputation. It Is One Of The Eight Banks With A Long-term Credit Rating Above AA In The World. It Was Named The Best Retail Bank In Asia By The Asian Banker Magazine In 2010 And 2011.