{"id":2876,"date":"2013-02-17T00:31:41","date_gmt":"2013-02-17T00:31:41","guid":{"rendered":"http:\/\/neweconomics.net.nz\/?p=2876"},"modified":"2013-08-18T05:10:30","modified_gmt":"2013-08-18T05:10:30","slug":"who-owns-the-big-four-australian-banks","status":"publish","type":"post","link":"https:\/\/neweconomics.net.nz\/index.php\/2013\/02\/who-owns-the-big-four-australian-banks\/","title":{"rendered":"Who Owns the Big Four Australian Banks?"},"content":{"rendered":"

\"images\"<\/a>
\nYou will know that New Zealand banking system is dominated by four large Australian banks, but did you know who owns them? Well I did a bit of a search and found this website called Spankyourbank. There you can look at http:\/\/www.spankyourbank.com.au\/who-owns-how-much-of-our-banks<\/a> \u00a0where it gives the ownership chart.<\/p>\n

Four companies dominate. We find that between them, the four, HSBC, JP Morgan, NAB and Citigroup own 49% of ANZ, 34% of NAB, 43% of Westpac, 38% of the Bank of Queensland, 37 % of the Commonwealth Bank and 28% of the Bendigo Bank.<\/p>\n

So while we worry that the big four in New Zealand are owned in Australia, it is not quite true. They are owned by UK and US based banks.<\/p>\n

For example BNZ, purchased by National Australia Bank (NAB) in 1992, has the following\u00a0 five largest shareholders:<\/p>\n

HSBC Custody Nominees\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.9%<\/p>\n

J P Morgan Nominees \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 12.2%<\/p>\n

National Nominees\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.5%<\/p>\n

Citicorp Nominees \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a04.6%<\/p>\n

Cogent Nominees \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01.9%
\nHSBC has 13.6% of the Commonwealth Bank, which owns ASB, 17.5% of ANZ as well.<\/p>\n

Now who is HSBC? Well they are so big that when they were fined last December a record $1.9 billion for money laundering, they were not just too big to fail but too big to jail. While HSBC<\/b> has been caught laundering<\/b> tons of cash for drug cartels and alleged terrorists, yet no bank officials will be prosecuted or imprisoned. An editorial in the NY Times http:\/\/www.nytimes.com\/2012\/12\/12\/opinion\/hsbc-too-big-to-indict.html?_r=0<\/a> on 11 Dec 2012 said it was a dark day for the rule of law.<\/p>\n

\"Unknown\"<\/a>They were sponsors of the Sevens\u00a0Rugby Tournament and no questions were apparently asked.<\/p>\n","protected":false},"excerpt":{"rendered":"

You will know that New Zealand banking system is dominated by four large Australian banks, but did you know who owns them? Well I did a bit of a search and found this website called Spankyourbank. There you can look … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[313],"tags":[497,494,498,495,496],"_links":{"self":[{"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/posts\/2876"}],"collection":[{"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/comments?post=2876"}],"version-history":[{"count":6,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/posts\/2876\/revisions"}],"predecessor-version":[{"id":2884,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/posts\/2876\/revisions\/2884"}],"wp:attachment":[{"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/media?parent=2876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/categories?post=2876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neweconomics.net.nz\/index.php\/wp-json\/wp\/v2\/tags?post=2876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}