According to a consumer survey of more than 1,500 people undertaken by People?s Choice Credit Union, and released recently, 84% of respondents believed banks should have to disclose who owns them when they advertise, instead of it being buried in the fine print. The survey found some two-thirds of people thought multi-branding was used to trick customers about ownership, while only 30% of people saw it as fair.
The findings echo the results of an Essential Research survey of 1000 Australians conducted earlier this year, which found consumer confusion about multi-branding by the big banks. Just 52% of those surveyed were aware that St George was owned by a big four bank, and only 29% were aware that RAMS is likewise owned.
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So – who owns your bank?
Some of the Australian brands owned by a Big Four bank are as follows.
Who does National Australia Bank (NAB) own?
Who does Westpac own?
Who does Commonwealth Bank own?
- Bankwest
- Aussie Home Loans (majority owned)
- Colonial First State
Who does ANZ own?
- Esanda
What other banks own
The big four aren’t the only banks in Australia that have ownership over other smaller institutions. The list below shows who owns who at the time of writing.
- RSL Money
- Queensland Professional Credit Union Ltd
- BOQ Specialists
- Home Building Society
- Investec Bank
- Virgin Money
Bendigo and Adelaide Bank Ltd
- Adelaide Bank
- Alliance Bank
- AWA Alliance Bank
- BDCU Alliance Bank
- Bendigo Bank
- Circle Alliance Bank
- Community Sector Banking
- Delphi Bank
- Service One Alliance Bank
Community Alliance Credit Union
- Catalyst Money
- Illawarra Credit Union
- Western City Credit Union
- Easy Street Financial Services
- Northern Beaches Credit Union
- Manly Warringah Credit Union
Community Mutual Ltd
Firefighters & Affiliates Credit Co-operative Ltd
- Emergency Services Credit Union
- Firefighters Credit Union
- Fireys CU
- IMG Credit Union
IMB Ltd
- The Shire
Intech Credit Union
- Telstra Credit Union
Maritime, Mining & Power Credit Union
- Collie Miners Credit Union
- Reliance Bank
MCU Ltd
- Maleny Credit Union
MyState Bank Ltd
- The Rock
- Border Bank
Sydney Credit Union
- Comtax Credit Union
- Karpaty Ukrainian Credit Union
- Security Credit Union
Transport Mutual Credit Union
- RTA Credit Union
Of course, there is a great deal of vertical integration within insurance and other wealth management businesses as well. When it comes to banking though, a great way to check who owns your financial institution is to check your institution’s website and read the “about us” section carefully. If you?re still not sure, try ASIC’s list of Authorised Deposit-taking Institutions.
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