Who owns my bank?

Posted: Tuesday, November 3, 2015 by Tyler Durden in Labels:
0

Who owns my bank?
Posted by Justine Davies August 21, 2014
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.
So – who owns your bank?
Some of the Australian brands owned by a Big Four player are:
National Australia Bank owns…
·         UBank
Westpac owns…
·         St George Bank
·         Bank of Melbourne
·         Bank of SA
·         RAMS
Commonwealth Bank owns…
·         Bankwest
·         Aussie Home Loans (majority owned)
ANZ owns…
·         In terms of banking, just itself
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 ofAuthorised Deposit-taking Institutions.

0 comments :