Commonwealth Bank Car Loan

Commonwealth Bank Group has developed into a business that has more than 800 000 shareholders and they have 52 000 employees working in the Commonwealth Bank Group.

They were founded back in 1911 and started operations in 1912, they were approved to conduct both savings and general banking business. At the moment the Commonwealth Bank has a range of financial services on offer to assist all Australians to build and manage their finances whether through a personal loan or an investment account.

Subsequent developments and Privatisation in 1991

In 1990 the Commonwealth Banks Reshuffle converted the Commonwealth Bank from a statutory right to a public Corporation with conventional share capital and partly-Government ownership. On April the 17th, 1994, the organisation became a public Corporation with a share capital administrated by the Corporations Law but subject to certain overruling provisions of the Commonwealth Bank Act 1959. Between 1991 and July 1996 the Commonwealth Bank became fully privatised and this happened in three stages.

Banking developments

Numerous substantial banking developments transpired throughout the 1960s. In 1962 the Commonwealth Bank celebrated its Golden Jubilee, all trading on a Saturday morning come to an end, around about this time employment of part-time staff created career opportunities for woman became available. Christmas Club Accounts, Decimal currency, personal loans, short-term loans and differences in traditional saving accounts were introduced.

Between 1970 and ’74 Travel and Home cover operations were extended, one year later, they then formed their own finance concern, Commonwealth Bank Finance Corporation Ltd (CBFC).

During the course of 1988, they entered the managed investment and life insurance arena, with the establishment of wholly-owned businesses Commonwealth Management Services Ltd and Commonwealth Life Ltd. Today they offer everything from bank accounts to personal and car loans to their customers.

Changing the face of banking

Computerisation had gradually replaced out-of-date hand posting methods in use since the Commonwealth Bank’s foundation.  The black light Signature was introduced in December 1969, this system recorded invisible signatures in passbook enabling withdrawals from their bank accounts other than their own branch, without making prior arrangements.

Developing technology

With the introduction of computers, there were changes in the way internal processes, telling facilities and routine operations were controlled.

In 1985 their online computer network was completed, at this point in time, Norfolk Island branch joined them.  In 1974 the Bank was launched and plastic credit and debit cards were brought into being.

At the same time as the island branch network was being handed over to distinguish local banking organisations – Papua New Guinea in 1974 and the Solomon Islands in 1981 – important points of representation were opened in Singapore, New York, and Tokyo.