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Founded in 1911 by the Australian government, the Commonwealth Bank
is the largest bank by market capitalization in Australia. It has spread
its branches to New Zealand, Fiji, some Asian countries, USA and the
United Kingdom with 7.7 million customers, 1011 branches and 3350 ATMs.
In 2008, an annual profit of $4.7 billion was declared by the
Commonwealth Bank.
During its incision, the bank was supposed to do savings and general
bank business and now its services include financial services including
retail, business and institutional banking, funds management,
superannuation, insurance, investment and broking services. It is also
the second largest listed company in the Australian stock exchange.
It was also the first bank to earn the Federal Government Guarantee. The
bank started opening its branches in other parts in 1912 and had
branches in all the six states by 1913, the first being in Melbourne in
15 July 1912. The next step was to move its head office to Sydney in
1916 followed by taking over the Department of the Treasury, which
marked its taking up of powers as a central bank.
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