 |
The 2008-09 Global Competitiveness Report ranked the soundness of Australia’s banking sector 4th in the world, out of 134 countries. Standard & Poor’s has also rated Australia’s banking system the most stable in the Asia-Pacific. As of April 2009, there were 58 authorised banks in Australia, of which 42 were foreign-owned. There are four major banks (Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation), a number of regional banks and a number of significant European, US and Asian investment banks. The top 4 Australian banks are all ranked in the top 10 in terms of Asia’s most profitable banks and global rating house Standard & Poor’s rated Australia’s banking system the most stable in the Asia-Pacific. Whilst the four major retail banks in Australia are pretty similar in terms of products and number of branches throughout the country, the National Australia Bank (NAB) is currently the most active in South Africa in relation to the promotion of migrant banking services. A relatively new entrant to the South African market in terms of migrant banking is the Macquarie Group, a global provider of banking, financial, advisory, investment and funds management services. When choosing which bank best suits your needs the much used phrase "horses for courses" is relevant. See the links below for details on the services offered by both the NAB and the Macquarie Group. Non-bank financial institutions also operate within the system (eg. credit unions, building societies, friendly societies and finance companies). Together they offer a full suite of banking services and products to Australian businesses and consumers in a competitive market. These include corporate finance, project finance, retail banking, derivatives, equipment and stock-intrade finance, electronic banking, factoring and receivables,finance, leasing, property and construction finance,securitisation, syndicated loans, structured finance, trade finance and treasury products. The banking system is regulated by the Australian Prudential Regulation Authority (APRA) and enforces capital adequacy requirements consistent with other developed countries. APRA is responsible for the prudential regulation of banks, life insurers, general insurers, superannuation, building societies, credit unions and friendly societies. A foreign bank wishing to establish a representative office in Australia must obtain APRA’s written consent. Consent is required for a foreign bank to use the word "bank" or its equivalent as part of the corporate name in connection with maintaining a representative office. Minimum entry standards must be met and the representative office must comply with certain operating conditions, set by APRA.
|
 |
|||
 |
|
 |
|
