The Commonwealth Bank Of Australia

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1. BACKGROUND Commonwealth bank of Australia was founded back in 1911 by the commonwealth bank act that was in favour of bank nationalization. The bank started its first branch in 1912 in Melbourne and later joint hands with the state savings bank in Tasmania and a year later it was able to spread its branches in six different states. After 1920 the bank gradually expanded its role in central banking and along with time continued expanding and earning a good reputation in the market (Australia, 2014). Commonwealth Bank of Australia is also one of the multinational banks of the world that provides a number of financial services to its clients such as managing the funds, retail services, investment services etc. This group has also got itself listed in the Australian Securities Exchange as the top companies that have the objective of maintaining the total shareholder 's return in the upper quartile among the other listed peers over a period of five years (Austrailia, 2014). Geoff Shannon, a former bank commercial client, started a campaign against the bank in 2011 in the form of a website named as 'Unhappy banking ' after he lost most of the company 's and his personal assets because of the rapacious behaviour of the bank. According to the action group, the bank had taken an aggressive step in reducing its disclosure to the commercial property clients who weren 't huge enough in terms of its benefits to the bank. Thus, by observing the Unhappy banking, an inquiry by Senate
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