History Of Commonwealth Bank Of Australia

2888 Words Nov 3rd, 2014 12 Pages
The history of Commonwealth bank of Australia goes back to 1911when the government laid the foundation of one of country’s major financial institutions. By 1970, the bank has branches all over the country, first bank to introduce Bankcard (1974) and continued upgrading itself through the use of latest computerized electronic systems. Today, the bank has 1010 branches all over the country with 3200 ATMs, over 3800 agencies and the online services provided by bank reaches over 2.5 million customers. (Anon., n.d.)
The bank has four business divisions: (Anon., n.d.)
• Retail banking services
• Premium business services
• Wealth management
• International financial services
The Commonwealth bank of Australia has received number of recognitions including Bank of the decade, Best bank award (1996, 2000 and 2001), Product innovator of the year and many more. (Anon., n.d.) But the bank faced a huge set back due to the activities carried out by financial advisors of the bank from 2003 to 2012. Therefore, the reputation of bank was effected both nationally and internationally. (News, 2014)
As mentioned above Commonwealth bank of Australia is considered to be one of the best banks of the country and people trust the bank for all the major decisions made for their savings. Due to this confidence of customers in the bank, most of the customers rely on the financial advises given to them by financial advisors of the bank. But shockingly the bank financial advisors failed to fulfil their…
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