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PART 1: EXTERNAL ANALYSIS COMPANY PROFILE:
COMMONWEALTH BANK AUSTRALIA (CBA)•BUSINESS BACKGROUND & INDUSTRY
Commonwealth bank, headquartered in Darling Harbour, Sydney, is one of the largest and most famous multinational banks in Australia which was founded in around 1911 but commenced its operations a year later, in 1912. CBA provides services like consumer finance, transaction and savings account, home loans, retail banking solutions, wealth management of private as well as government business (Nico and Gavin, 2014). The first branch of the bank was in Melbourne in July, 1912. This bank and its branches are now extended to 1100 places all over the world including places like United Kingdom, New Zealand, Asia, The USA etc. In 2015, CBA became the largest to be listed on the Australian Security exchange. The chairman of the bank is Catherine Livingstone AO and the CEO and managing director of the company is Matt Comyn. In the year 1974, CBA became the creator of first credit card in Australia. Commonwealth Bank of Australia ranked among the top 4 bank of the continent which includes banks like National Australia Bank (NAB), ANZ and Westpac. The recent analysis of total revenue of the company is 70.86 AUD (Reuters, 2018) and it has total assets of A$800 Billion (CBA Half-year profit Announcement, 2014). The bank was ranked 15th among the 50 most innovative companies in 2015.
Commonwealth Bank of Australia is a number one provider of the financial services in almost every sector of the economy of Australia. They have reached to the sector of retail banking, institutional banking, superannuation, wealth and fund management, broking, financial services and now they even cover insurance.For the purpose of environmental analysis of the Commonwealth bank we will use PESTEL Analysis as our strategic tool.
Political FactorsCommonwealth Bank is subjected to different folds of political situations as it is being operated in almost a dozen of countries. Due to its privatization and financial deregulation policies it has converted into a private organization with increasing returns and low community responsibility. CBA has suffered from a lot of corruption and fraud related allegation and bureaucracy and interference by the government also effect the political environment of the bank.
Economic EnvironmentAustralian market is one of the largest Mixed economy markets. The market of service sector usually dominates the Australian Market which is about 68% of the total GDP of the country. The position of CBA Capital is neutral in the market.
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