|Commonwealth Bank of Australia (hereafter as CBA) was established in 1911 by the Australian Commonwealth Government through legislation. At present, CBA is one of the largest listed companies in Australia, with more than 700,000 private shareholders. The whole financial group takes the lead in Australia in businesses like housing loans, credit cards, private credits, retail funds and etc.
CBA has experienced similar financial reforms which China is now undergoing. Before the central bank (Reserve Bank of Australia) was established by Australian government in 1959, CBA played the role of national central bank of Australia apart from its operations of saving, and commercial banking. Since 90’s of the 20th century, CBA has launched its process of reformation from state-owned commercial bank to stock bank and entering into the security market. The whole process of system reformation lasted 10 years which took 3 steps: firstly, the State amended commonwealth statutes in 1990, which transformed the bank from a state-owned institution to a stockholding and listed company; secondly, the commonwealth government sold to the public 30% bank stock rights for the first time in year 1991 and the bank was listed on Australian Stock Exchange in the same year; thirdly, the commonwealth government sold to the public its remaining 50.4% bank shares in 1996. CBA shares have risen from 5 AUD per share at 1990’s Initial Public Offering to about 50 AUD per share now.
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Contact Name: Tony Zhang
Position: Chief Representative
Working Group: Finance