Top 10: Banks in Australia and New Zealand

Australia and New Zealand's banking landscape features ten major independent parent banking organizations across both nations. 

The sector is dominated by Australia's "Big Four" banks, which control approximately 70% of Australia's market and 90% of New Zealand's lending through subsidiaries. 

However, alongside these giants operate seven Australian institutions and three New Zealand independent banks that together serve millions of customers. 

New Zealand's locally-owned banks – Kiwibank, TSB and SBS – represent just 7.4% of the country's total banking assets, yet provide crucial competition and community-focused alternatives to foreign-owned dominance.

10. SBS Bank

Founded: 1869

Headquarters: Invercargill, New Zealand

CEO: Mark McLean

SBS Bank operates as an independent mutual bank headquartered in New Zealand's southernmost city, Invercargill. Founded as Southland Building Society, the institution has served the Southland region and beyond for over 155 years with exceptional customer service and community involvement. The bank offers personal banking, business banking, home loans and investment solutions, with its Connect Plus account featuring no account fees and free use of New Zealand bank-owned ATMs. As a mutual bank with limited options to raise Tier 1 capital, SBS received Reserve Bank approval for a bespoke Mutual Equity Tier 1 instrument to bolster its capital position.

9. TSB Bank

Founded: 1850

Headquarters: New Plymouth, New Zealand

CEO: Kerry Boielle

TSB Bank stands as New Zealand's oldest independent bank, established in 1850 as New Plymouth Savings Bank with its first deposit of £34 from Waitera te Karei. Now operating 25 branches nationwide with 12 concentrated in Taranaki, TSB holds approximately NZ$9.15bn in assets and employs over 550 staff. The bank pioneered New Zealand's ATM network in 1981 and maintains complete New Zealand ownership through the Toi Foundation. TSB delivered a net profit of NZ$57.6m for the 2025 financial year, declaring NZ$15m in dividends to its shareholder while maintaining non-performing loans at just 0.5%.

8. Kiwibank

Founded: 2002

Headquarters: Wellington, New Zealand

CEO: Steve Jurkovich

Kiwibank represents New Zealand's bold challenge to Australian banking dominance, established by the Fifth Labour Government following Deputy Prime Minister Jim Anderton's proposal. As the largest locally-owned bank with approximately NZ$35bn in assets and nine percent market share, Kiwibank operates as a state-owned institution through Kiwi Group Capital serving over one million customers. Originally functioning from New Zealand Post premises to ensure nationwide accessibility, the bank has consistently won awards for best value across its product range. The government approved a capital raise of up to NZ$500m in 2025 to strengthen Kiwibank's competitive position against the Big Four Australian-owned banks.

7. Bank of Queensland

Founded: 1874

Headquarters: Brisbane, Australia

CEO: Patrick Allaway

Bank of Queensland operates as an independent regional banking institution with approximately AU$70bn in total assets and a workforce of around 5,000 employees. Founded over 150 years ago in Brisbane, BOQ focuses on retail and business banking alongside home and personal loans, with particular strength in Queensland markets while competing nationally. The bank owns Virgin Money Australia and ME Bank as part of its group structure, along with BOQ Specialist which provides banking services to niche professional segments including medical, dental, veterinary and accounting practitioners. BOQ remains committed to its community banking model and personalised service approach.

6. Bendigo and Adelaide Bank

Founded: 2007 (merger of banks from 1858 and 1874)

Headquarters: Bendigo, Victoria, Australia

CEO: Richard Fennell

Bendigo and Adelaide Bank was formed through the merger of two historic Australian banks, creating an institution now holding approximately AU$65bn in total assets and employing around 5,000 staff. The bank operates primarily through a network of over 500 community branches and agencies, predominantly along Australia's East Coast and South Australia. Celebrated for its community banking ethos and ethical banking standards, the institution has maintained steady growth through its commitment to reinvesting in local communities. The bank also operates retail brands including Up Bank, reflecting its embrace of digital banking innovation whilst maintaining its moral banking principles.

5. Macquarie Group

Founded: 1969

Headquarters: Sydney, Australia

CEO: Shemara Wikramanayake

Macquarie stands as Australia's largest investment bank and the world's biggest infrastructure asset manager, overseeing approximately AU$941bn in assets under management. Founded as Hill Samuel Australia Limited, the group gained its banking licence in 1985 and operates through Macquarie Bank alongside asset management, commodities and capital divisions. With more than 20,000 staff across 34 markets, Macquarie serves institutional and retail clients globally whilst maintaining strong capabilities in mergers and acquisitions advisory. CEO Shemara Wikramanayake, appointed in 2018, previously led Macquarie Asset Management for a decade, establishing it as a world-leading infrastructure manager.

4. Australia and New Zealand Banking Group

Founded: 1835 (current entity 1970)

Headquarters: Melbourne, Australia

CEO: Nuno Matos

ANZ traces its origins to the Bank of Australasia, founded in London in 1835, with its first Sydney branch opening that December. The current corporate entity was established in 1970 through the largest bank merger in Australian history at that time. With approximately $764 billion in total residents' assets as of April 2025, ANZ ranks as the smallest of the Big Four but is expanding significantly through its acquisition of Suncorp Bank, which will push total assets beyond AU$800bn. Employing over 42,000 people and serving more than 10 million customers worldwide, ANZ operates extensively across Australia, New Zealand and 34 other countries. International banker Nuno Matos became CEO in May 2025.

3. National Australia Bank

Founded: 1982 (from 1858 origins)

Headquarters: Melbourne, Australia

CEO: Andrew Irvine

NAB was formed through the merger of National Bank of Australasia (established 1858) and Commercial Banking Company of Sydney (founded 1834), creating one of Australia's historic financial powerhouses. With approximately AU$906bn in total residents' assets as of April 2025, NAB ranks as Australia's third-largest bank whilst competing for second place by market capitalisation. The bank relocated its global headquarters to a purpose-built 39-storey building at 395 Bourke Street in 2022, symbolising its modernisation agenda. Under Andrew Irvine's leadership since April 2024, NAB has strengthened its business banking division whilst integrating digital acquisitions including neobank 86 400 into UBank and Citi's retail banking portfolio.

2. Westpac Banking Corporation

Founded: 1817

Headquarters: Sydney, Australia

CEO: Anthony Miller

Westpac holds the distinction of being Australia's first bank, established over two centuries ago in 1817 as the Bank of New South Wales. With approximately AU$1.064tn in total residents' assets as of April 2025, Westpac ranks as Australia's second-largest bank by assets whilst jostling with NAB for second place by market capitalisation. The bank provides comprehensive financial services to personal, business and corporate customers, with shares trading on exchanges in Sydney, New Zealand and New York. Anthony Miller assumed the CEO position in December 2024, implementing brand rationalisation and technology modernisation efforts through initiatives including the UNITE program designed to consolidate disparate operating systems from previous acquisitions.

1. Commonwealth Bank of Australia

Founded: 1911

Headquarters: Sydney, Australia

CEO: Matt Comyn

Commonwealth Bank dominates the Australian banking landscape as the nation's largest financial institution by every major measure including assets, market capitalisation, deposits and customer numbers. With 18 million customers, over 53,000 employees and approximately AU$1.137tn in total residents' assets as of April 2025, CBA maintains a market capitalisation of approximately AU$276-284bn. Established by the Australian government under the Commonwealth Bank Act 1911, the bank historically served as the nation's central bank until the Reserve Bank was created in 1960. Under CEO Matt Comyn's leadership since April 2018, CBA has prioritised digital innovation and global best practice whilst maintaining strong risk management standards.