1.0DESCRIPTIONS - Commonwealth Bank of Australia1.1TYPEThe Commonwealth Bank of Australia (CBA) is a financial business, dealing with financial assets.
1.2PRODUCTCommonwealth Bank provides loans, investment in their shares and offers savings facilities.
1.3MARKETFinancial market: A market that trades financial assets. Financial assets are the legal claims on the real assets in our economy and include such notable items as corporate stocks and bonds, government securities, and money. Without financial markets our economy would find it almost impossible to accumulate the funds needed for investment in big, expensive capital projects. Commonwealth Bank performs selected amount of actions that refer itself to a financial market, such as provide money, in the form of loans.
1.4HISTORYThe Commonwealth Bank of Australia was founded under legislation, namely the Commonwealth Bank Act, enacted by Andrew Fisher's Labor Government in 1911.
The Commonwealth Bank Act of 1911 empowered the Bank to conduct both savings and trading, with the security of a Federal Government guarantee.
No other institution in Australia was involved in both of these separate areas of banking, nor did any other bank have a Federal Government guarantee.
The first Governor of CBA, Commonwealth Bank of Australia was Mr. (later Sir) Denison Miller. He initially headed a staff of twelve. The Commonwealth Bank opened for business on 15 July 1912, offering savings bank facilities at both its solitary branch, 317 Collins Street, Melbourne and at 489 agencies located in post offices throughout Victoria. During the following year branches were established in the other capital cities, as well as in Canberra, Townsville and London. Postal agencies were later established across Australia.
Now after almost 90, Commonwealth Bank has grown to one of Australia's largest banks. In 2000 CBA and Colonial Limited announced their intention to merge, with seven Commonwealth Bank shares being offered for twenty Colonial...