In this article, we will look into the 20 biggest financial and banking companies in Australia in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Biggest Financial and Banking Companies in Australia, 2024.
Australian Economy and the Financial Sector
According to the IMF, Australia boasts a GDP of $1.69 trillion, as of 2024. The country’s economy is expected to grow at a rate of 1.4% in 2024. Australia’s financial sector is one of the major contributors to its economy, accounting for 7.4% of the Australian economy, as of 2024.
Inflation in Australia was steady for the third month in a row in February. On March 26, Reuters reported that the Australian Prudential Regulation Authority (APRA) is planning to launch its first financial system stress test to strengthen its resilience against financial system risks. The Australian regulator, APRA Chair John Lonsdale, highlighted the country’s high financial risk, driven by high inflation and interest rates. The APRA recognized the interconnectedness of the financial system’s risk with different sectors. The stress test will consider large financial institutions and will be executed in stages. Londsale further highlighted the need for banks to enhance their stress testing capabilities to be prepared against any financial threats.
Australia is intensifying its efforts to strengthen its financial sector by boosting trade and investments globally. On March 5, Reuters reported that Australia would be setting up an A$2 billion finance facility to amplify trade and investment in Southeast Asia. The fund will provide loans, guarantees, equity, and insurance while focusing on clean energy and infrastructure. Moreover, Australia will contribute an additional A$140 million to expand an existing infrastructure program.
Major Players in the Market
Some of the major banking and financial companies in Australia include the Commonwealth Bank of Australia (OTC:CMWAY), ANZ Group Holdings Limited (OTC:ANZGY), and National Australia Bank Limited (OTC:NABZY). Let’s discuss their role in Australia’s financial market below.
Commonwealth Bank of Australia (OTC:CMWAY) is a leading banking and financial services company in Australia. On March 18, the company announced that it has collaborated with Smartgroup to help Australian families unlock further advantages in their salaries. The new collaboration will provide Smartgroup customers access to Commonwealth Bank of Australia’s (OTC:CMWAY) products and promotional offers, including 10 free trades on CommSec, the company’s online stockbroking platform.
ANZ Group Holdings Limited (OTC:ANZGY) is one of the biggest financial and banking companies in Australia. On March 12, the company announced that it has collaborated with Income Asset Management (IAM) to provide a new investment solution to its ultra-high-net-worth clients. This will allow customers to invest in an individual bond portfolio managed by ANZ Group Holdings Limited’s (OTC:ANZGY) CIO, Akshman Anantakrishnan. The minimum limit to invest in the bond is A$50 million.
National Australia Bank Limited (OTC:NABZY) is one of the largest banks in Australia, headquartered in Melbourne. On February 14, the company launched green finance for commercial real estate (CRE) to support investments in commercial buildings. Green finance will provide assistance to commercial real estate customers in funding projects aimed at reducing GHG emissions.
With this context, let’s have a look at the 20 biggest financial and banking companies in Australia, 2024.
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Methodology
To create our list of the 20 biggest financial and banking companies in Australia in 2024, we conducted extensive research by reviewing various similar rankings on the internet. We also screened for financial and banking companies in Australia by using the Yahoo Finance stock screener to ensure we did not miss any major companies in the Australian financial services market. Then, we compiled a list of 30 companies headquartered in Australia. Finally, we sorted the 20 biggest financial and banking companies in Australia in ascending order of their market cap as of March 26, 2024. Please note that we have converted the market cap of companies in foreign currencies to USD according to their exchange rates, as of March 26.
20 Biggest Financial and Banking Companies in Australia, 2024
20. Hub24 Ltd (ASX:HUB)
Market Cap as of March 26: $2.24 billion
Hub24 Ltd (ASX:HUB) is one of the biggest financial services companies in Australia. The company specializes in investments, managed funds, direct market trading, group and retail insurance, fintech, and client portal technology. As of March 26, Hub24 Ltd (ASX:HUB) has a market cap of $2.24 billion.
19. Bank of Queensland Limited (OTC:BKQNY)
Market Cap as of March 26: $2.66 billion
Bank of Queensland Limited (OTC:BKQNY) is ranked 19th on our list. The company provides personal and business banking solutions. As of March 26, Bank of Queensland Limited (OTC:BKQNY) has a market cap of $2.66 billion.
18. Challenger Ltd (ASX:CGF)
Market Cap as of March 26: $3.12 billion
Challenger Ltd (ASX:CGF) is ranked among the biggest financial and banking companies in Australia. The company specializes in annuities, retirement income, and fund management. The company has $23 billion in assets under management, as of June 2023. Challenger Ltd (ASX:CGF) is valued at $3.12 billion, as of March 26.
17. Netwealth Group Ltd (ASX:NWL)
Market Cap as of March 26: $3.44 billion
Netwealth Group Ltd (ASX:NWL) is a leading financial services company specializing in investment, share trading, insurance, international equities, superannuation, and retirement. As of March 26, Netwealth Group Ltd (ASX:NWL) has a market cap of $3.44 billion.
16. Bendigo and Adelaide Bank Ltd (ASX:BEN)
Market Cap as of March 26: $3.71 billion
Bendigo and Adelaide Bank Ltd (ASX:BEN) is a banking and financial services company in Australia that provides a diverse suite of products and services, including personal banking, business banking, commercial mortgages, loans, investment products, and financial planning. The company’s brands include Bendigo Bank, Adelaide Bank, Rural Bank, Up, Leveraged, and Community Enterprise Foundation. Bendigo and Adelaide Bank Ltd (ASX:BEN) is valued at $3.71 billion as of March 26.
15. Steadfast Group Ltd (ASX:SDF)
Market Cap as of March 26: $4.14 billion
14. Argo Investments Limited (ASX:ARG)
Market Cap as of March 26: $4.39 billion
Argo Investments Limited (ASX:ARG) is a South Australian financial services and investment management company. The company has over $7 billion portfolio invested across nearly 90 equity holdings and cash. As of March 26, Argo Investments Limited (ASX:ARG) has a market cap of $4.39 billion.
13. Australian Foundation Investment Co Ltd (ASX:AFI)
Market Cap as of March 26: $5.96 billion
Australian Foundation Investment Co Ltd (ASX:AFI) is a leading investment company in Australia. With over 90 years of experience, the company provides attractive investment returns to shareholders. As of March 26, Australian Foundation Investment Co Ltd (ASX:AFI) has a market cap of $5.96 billion.
12. Medibank Private Limited (OTC:MDBPF)
Market Cap as of March 26: $6.74 billion
Medibank Private Limited (OTC:MDBPF) is a leading insurance company specializing in health insurance, travel insurance, life insurance, job capacity assessments, and pet insurance. As of March 27, Medibank Private Limited (OTC:MDBPF) is valued at $6.74 billion.
11. Washington H. Soul Pattinson and Company Limited (ASX:SOL)
Market Cap as of March 26: $7.92 billion
Headquartered in Sydney, Washington H. Soul Pattinson and Company Limited (ASX:SOL) is an investment management company. The company has been providing investment services in equities, private markets, and structured yield for over 20 years. Washington H. Soul Pattinson and Company Limited (ASX:SOL) boasts a market cap of $7.92 billion, as of March 26.
10. ASX Limited (OTC:ASXFY)
Market Cap as of March 26: $8.46 billion
ASX Limited (OTC:ASXFY) is ranked 10th on our list of the biggest financial services and banking companies in Australia in 2024. The company is an integrated exchange that provides listing, trading, settlement, market insights, technical and information services, and post-trade services across assets, including derivatives, equities, ETFs, and managed funds. As of March 26, ASX Limited (OTC:ASXFY) is valued at $8.46 billion.
9. Computershare Limited (OTC:CMSQY)
Market Cap as of March 26: $10.04 billion
Computershare Limited (OTC:CMSQY) is an Australian financial services company that provides a wide range of services and products, including share registry, entity management, board portal software, bankruptcy administration, tax voucher solutions, employee share plans, SEC filings, and deposit protection. As of March 26, Computershare Limited (OTC:CMSQY) boasts a market cap of $10.04 billion.
8. Insurance Australia Group Limited (OTC:IAUGF)
Market Cap as of March 26: $10.21 billion
Insurance Australia Group Limited (OTC:IAUGF) is one of the largest insurance companies in Australia. The company provides general insurance solutions through Direct Insurance Australia and Intermediated Insurance Australia. Insurance Australia Group Limited (OTC:IAUGF) underwrites more than $14 billion in premiums per annum. As of March 26, it is valued at $10.21 billion.
7. Suncorp Group Limited (OTC:SNMCY)
Market Cap as of March 26: $13.37 billion
Suncorp Group Limited (OTC:SNMCY) is ranked among the biggest financial and banking companies in Australia. The company provides general insurance, banking, and life insurance services. The company has 12 brands: Aami, GIO, Bingle, and Suncorp, among others. As of March 26, Suncorp Group Limited (OTC:SNMCY) is valued at $13.37 billion.
6. QBE Insurance Group Limited (OTC:QBEIF)
Market Cap as of March 26: $17.43 billion
Founded in 1886, QBE Insurance Group Limited (OTC:QBEIF) provides a wide range of insurance services, including boat insurance, caravan insurance, home insurance, landlord insurance, liability insurance, warranty, accidental and health insurance, aviation insurance, and professional liability. QBE Insurance Group Limited (OTC:QBEIF) is valued at $17.43 billion as of March 26. It is ranked 6th on our list of the biggest financial and banking companies in Australia.
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Disclosure: None. 20 Biggest Financial and Banking Companies in Australia, 2024 is published on Insider Monkey.