Banking History CBA Essay

Submitted By aussie55
Words: 710
Pages: 3

Executive summary

In today's economic environment the World has become a global village, communication plays important role in sustaining any business environment, especially when it comes down to Banking industries long term investment is very essential in creating long term business opportunities. Commonwealth Bank is very keen to invest in long term sustainability projects and play important role in developing & bringing business together with communities. This bank provides various types of financial services to different clients. The significance of this report is posed at proclaiming the environmental, social and economic aspects of Commonwealth bank and these issues are of significance. Nelson, (2003) found out that ethically corporate role in today’s global business environment is necessary for growth and success.
Issues such as global warming and environmental pollution are affecting multimillion business sectors and professions to various degrees. Due to these issues banks are investing to towards long term sustainability growth and have investment plans for their future growth which includes plans for sustainability for the business, social and environmental. Most of the time banking industry come across tough issues related to social and environmental sustainability. Sustainability can be explain as something which involve everyday things such as environment, social issues , culture , jobs, financial matter. In simple it is to sustain or ability to sustain an environment.
Introduction and History
The Banking industry has a long history. In past civilizations people lent each other money on the basis of mortgage or barter systems. As societies evolved, specific organisations developed to lend money to individuals and businesses on the basis of small percentage of cost, which was a later introduction as interest. In today's modern business environments these organisations are known as the banking industry.
The Commonwealth Bank (CBA) is one of Australia’s four big banks, with Australia and New Zealand Bank (ANZ), National Australian Bank (NAB), and Westpac. The CBA was founded in 1911, opening its first branch in Melbourne on July 15, 1912. It was listed on Australian Stock Exchange in 1996, and now is the second largest Australian listed company on Australian Stock Exchange. Primarily, the CBA is a leading provider of financial services and is incorporated as a part of Morgan Stanley Capital Global Index. It also famously promotes itself as CommBank.

The Bank’s strategic strengths are its brand, size and diversified business mixture. It has a very strong domestic presence with the largest customer base and services distribution network with maximum points of access.

Business
The CBA provides services to customers, ranging from individuals, small business owners to large institutional clients which includes, personal banking, business banking, corporate banking, institutional banking, funds management, superannuation, insurance, investment services, retail banking services, wealth management.
Personal Banking and Business Banking
CBA provides banking services to individuals and business in relation to their bank accounts, savings accounts, credit cards, personal loans, home…