- Business
- Commonwealth Bank of Australia (CBA) is Australia's leading provider of integrated financial services, including retail banking, premium banking, business banking, institutional banking and markets, funds management, superannuation, insurance, investment, and share broking products and services. The bank offers transaction and savings accounts, home loans, personal loans, credit cards, home and contents insurance, life insurance, superannuation products through Colonial First State, online brokerage via CommSec, and digital banking platforms such as NetBank and the CommBank app; it also provides business lending, payment solutions, financial advice, and international transaction services. Founded in 1911 under the Commonwealth Bank Act and commencing operations in 1912, CBA is headquartered in Sydney, Australia, with its primary executive offices consolidated at Commonwealth Bank Place in Darling Harbour; it operates branches and subsidiaries across Australia, New Zealand (via ASB Bank), Asia, the United States, the United Kingdom, and other regions, serving approximately 15.9 million customers with brands including Bankwest, CommInsure, and Commonwealth Securities Limited.
In recent developments, CBA signed a multi-year strategic partnership with OpenAI in August 2025 to co-develop generative AI solutions for enhanced scam detection, fraud prevention, and personalized customer services, marking an Australia-first initiative in banking technology. Earlier, in November 2024, the bank agreed to sell its personal advice business, Commonwealth Private Advice, to LGT Group, with the transaction expected to close by mid-2025 to strengthen focus on core operations and allow seamless integration for clients into LGT's global wealth management platform. These moves align with CBA's ongoing digital transformation and strategic portfolio optimization, following prior divestments such as PT Bank Commonwealth to Bank OCBC NISP in November 2023.