Who owns your favourite small bank? It might be one of the big 4

When it comes to the Aussie banking scene, the Big 4 banks (Westpac, CommBank, NAB, and ANZ) dominate the market. Naturally, some people are more inclined to try smaller players in the hope they’ll get something a bit different. For example, some may seek more personalised services or better rates for savings accounts or home loans. 

That being said, what a lot of Australians may not realise is that some of these commonly utilised smaller banks are actually owned by the big banks anyway. They might have different personalised offerings, but ultimately some smaller banks are part of the big bank ecosystem, so to speak.

So are you curious to see who your bank might be owned by? Here’s a brief look at the connections between Australia's largest banks and some popular smaller banks.

Westpac: St. George, Bank of Melbourne, & BankSA

Westpac has established itself as one of Australia's largest banks, with a strong presence in both retail and corporate banking. While everyday consumers easily recognise Westpac, they likely don’t realise how many smaller banks they actually have under their belt. 

Some of the most recognisable names under their umbrella include St George Bank, Bank of Melbourne, and BankSA. It should be noted that all these banks are owned by Westpac and utilise their network.

Commonwealth Bank: Bankwest 

CommBank (CBA) is another major player in the Australian banking scene. In 2008, it acquired Bankwest, a bank that had primarily focused on the Western Australia market. This acquisition allowed Commonwealth Bank to increase its national presence and expand its offerings to a wider range of customers.

Bankwest first opened in 1895 as the “Agricultural Bank of Western Australia”, giving it a long history in the Australian banking scene. While a division of CBA, it operates as a more personal and community facing organisation.

NAB: Ubank

NAB is yet another influential force in the Australian banking sector, standing as the 21st biggest bank in the world by market capitalisation. 

In 2008, NAB launched UBank, a digital-only bank that offers a range of banking products and services to its consumers. UBank is designed to cater to the needs of tech-savvy consumers who prefer to manage their finances online or via mobile devices.

As a subsidiary of NAB, UBank benefits from the resources and experience of its parent company. The digital bank operates as a division of NAB, leveraging its extensive network and expertise to provide competitive products and innovative banking solutions.

ANZ

Last year ANZ was in the process of making a bid for Suncorp, although they were knocked back by the ACCC. However, ANZ hasn't given up on its bid for the bank, so it's still possible that we'll see Suncorp under the umbrella of one of the big four banks.

Does it matter which bank I go for?

Regardless of size, banking in Australia is generally safe. Part of this is that banks have the protection of the government Financial Claims Scheme (FCS) which guarantees deposits up to $250,000. So, you can rest assured that you’re unlikely to suffer if a bank struggles or collapses. 

At the end of the day, as long as your bank is giving you the deal on your savings account or home loan that works for you, then you should probably stick with them. One way to know if you’re getting the best deal possible is to compare between products such as savings accounts which can vary across the board. 

At Mozo, we have comparisons of a variety of high interest savings accounts on offer. Compare today and get the account that works best for you.