Australia Banks Continue To Thrive

May 3, 2010 - PRLog -- Even with the global financial crisis in full swing, Australia’s Banks continue to report healthy profits.  At a time when many other global financial institutions are experiencing large retractions in the global profits, banks in Australia continue to prosper and flourish and are well capitalized by large global standards.

Since 1983 when Australia began deregulating the banking industry, foreign banks have entered the country with far fewer restrictions in place.  The distinctions between trading or investment banking and the standard savings banks were lifted enabling Australia’s banks to compete in the ever growing global financial markets.  Australia still maintained tighter controls known as its “four pillars” policy preventing the acquisitions and mergers of the four banks that make up the Australian banking sector. The four pillar policy was criticized by many industry analysts as more regulatory rather than policy maintaining controls that, in their opinion, were still too restrictive; however, all four of Australia’s banks were on the list of the world’s top twelve banks in 2009.

According to reports by America’s Global Finance Magazine, Australian banks are classified as some of the safest banks in the world.  That was the conclusion after conducting a complete and thorough analysis of the combined assets and long term credit ranking by Standard and Poor’s and Moody’s.  Banks that held a traditionalist grip over risk exposure well before the global financial markets began to implode weathered the global financial crises and topped the list.

The Australian banking sectors continue to florish and thrive, even as turbulence remains in the financial markets globally.  Opportunities for growth and wealth management are strong within the Australian banking system and Australia continues the exportation of its funds management expertise within this highly competitive sector to other markets around the world.

Today, the Australian banking system consists primarily of four major banks; The Australia and New Zealand Banking Group; Commonwealth Bank of Australia; National Australia Bank; and Westpac Banking Corporation with other smaller but notable banks that include Suncorp-Metway, Bank of Queensland, and Adelaide Bank.  Additionally, non-banking institutions like credit unions continue to grow strong with other Australia Banks. Find out more here http://www.economywatch.com/banks/commercial-banks/austra...

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