Commonwealth Bank

About Commonwealth Bank

Founded as a government owned savings and trading bank in 1911. The Commonwealth Bank served as Australias de facto central bank until the Reserve Bank was established in 1960. The bank was privatized in three stages from 1991 to 1996. Commonwealth Bank became Australias largest bank by market capitalization. The 2014 financial planning scandal revealed that the banks financial advisers had forged signatures and given inappropriate advice. The Royal Commission into Misconduct in the Banking Industry in 2018 exposed widespread problems across Australian banks including Commonwealth. The bank has since invested heavily in remediation and cultural change.