Commonwealth Bank of Australia
CBA · Commonwealth Bank · CommBank
1984 – July 1996
Previously Commonwealth Trading Bank of Australia (1953–1984).
The Commonwealth Government's commercial bank in its final years of public ownership, providing retail, business and institutional banking and acting as parent of the Commonwealth Savings Bank and the Commonwealth Development Bank.
Names over time
- Commonwealth Trading Bank of Australia1953–1984
- Commonwealth Bank of Australia1984–1996
How it came into existence
The Commonwealth Trading Bank of Australia was renamed Commonwealth Bank of Australia by the Commonwealth Banks Amendment Act 1984 (assented to on 25 June 1984), which kept its corporate identity and gave it the Commonwealth Banking Corporation's role as parent of the group.
Legislation: Commonwealth Banks Act 1959; Commonwealth Banks Restructuring Act 1990; Commonwealth Bank Sale Act 1995
Changes during its life
- January 1991Took over the State Bank of Victoria from the Victorian Government.
- 1991Converted into a public company under the Corporations Law by the Commonwealth Banks Restructuring Act 1990.
- 12 September 1991Listed on the Australian Stock Exchange after the first public share offer, which reduced the Commonwealth's holding to about 70 per cent.
- 1993A second public share offer reduced the Commonwealth's holding to about 50.4 per cent.
- Control of the Commonwealth Savings Bank and Commonwealth Development Bank
- Development finance for primary producers and small business
Became a wholly owned subsidiary company.
- Savings banking and housing finance
How it ended
Privatised in three tranches: about 30 per cent of its shares were floated in 1991, a second sale in 1993 left the Commonwealth with just over half, and the remaining shares were sold in July 1996 under the Commonwealth Bank Sale Act 1995, ending public ownership.
Main functions
- Retail and business banking
- Savings and housing finance (through the Savings Bank)
- Development finance (through the Development Bank)
- Institutional and international banking
Where it sits
Last in the portfolio of Department of the Treasury.
Lineage
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Sources
Primary sources
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.