ANZ is one of the four major Australian banks. As with the other major four banks, Australians have a love/hate relationship with ANZ. There is a disdain for the major banks but Australia cannot live without them. Australian financial regulation protects the four major banks from takeover making them highly profitable and uncompetitive (akin to a utility company). Although they are strongly incentivsed by profit, they also operate on a social license which means they cannot ignore the demands of the government. Hence, although we reluctantly put up with their poor service levels, if there is a financial institution that is going to help Australian's out of a tough financial position, it will be one of the four major banks.
Facts and lender background
ANZ was established in 1951, when the Bank of Australasia merged with the Union Bank of Australia Limited (est 1835).
ANZ is one of the big four Australian banks, with the Commonwealth Bank, National Australia Bank (NAB) and Westpac
ANZ is rated AA- by S&P. The Australian Government's guarantee on deposits under the Financial Claims Scheme applies to deposits held with ANZ.
ANZ is publicly listed on the ASX
40% of ANZ's funding is from the wholesale capital market.
Product Review Rating
average is 2.1 / 5
You are able to transact at more than 3,200 Australia Post outlets that display the Bank@Post sign. This provides you with real-time deposits and the ability to draw cash.
Internet banking is available.
Customers can withdraw cash free of charge from any of the major banks ATMs.