Commonwealth Trading Bank of Australia
1953 – 1984
Renamed Commonwealth Bank of Australia in 1984.
Government-owned trading (commercial) bank providing cheque accounts, overdrafts, business and rural lending and foreign exchange services in competition with the private trading banks.
Names over time
- Commonwealth Trading Bank of Australia1953–1984
- Commonwealth Bank of Australia1984–1996
How it came into existence
Established under the Commonwealth Bank Act 1953 as a separate legal entity to take over the General Banking Division of the Commonwealth Bank of Australia, separating the Bank's commercial business from its central banking.
- General (trading) banking
Legislation: Commonwealth Bank Act 1953; Commonwealth Banks Act 1959
Changes during its life
- 14 January 1960Placed under the Commonwealth Banking Corporation established by the Commonwealth Banks Act 1959.
How it ended
Renamed Commonwealth Bank of Australia under the Commonwealth Banks Amendment Act 1984, which continued its corporate identity under the new name.
Main functions
- Cheque and current account banking
- Business and rural lending
- Overdraft finance
- Foreign exchange and trade finance
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.