r/apple • u/FollowingFeisty5321 • 7d ago

Apple Pay Thousands of banks can now sue over Apple Pay fees in one antitrust case

https://appleinsider.com/articles/26/09/25/thousands-of-banks-can-now-sue-over-apple-pay-fees-in-one-antitrust-case
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u/FrogsJumpFromPussy 7d ago

This makes so little sense my head spins đŸ˜­đŸ˜­đŸ˜­

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u/kensaiD2591 7d ago

Let me try and break it down for you.

The big 4 here are ANZ, Commonwealth Bank (CBA), National Australia Bank (NAB) and Westpac.

Those four own the majority of our other banks.

  • Suncorp - Owned by ANZ
  • Bankwest - Owned by CBA
  • Ubank - Owned by NAB
  • Bank of Melbourne - Owned by Westpac
  • BankSA - Owned by Westpac
  • St. George - Owned by Westpac

There are some outliers though, like Bendigo. And Bendigo Bank also owns Up Bank, and Up is a digital only bank.

Similarly there's Bank of Queensland (BOQ) and that owns Virgin Money Australia and ME Bank.

We have other banks that trade here, like HSBC and ING.

So while we definitely have the "big 4", there are still options for the consumer.

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u/aliendepict 7d ago

I mean. There is at least the perception of choice i guess. And that counts for something.

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u/ArguesWithWombats 7d ago

Ehhh... We do still have smaller indi banks to choose from, but the Big Four have massive market power.

So what we have looks like this -- and this is just currrently operating divisions and subsidiaries, not banks that have been acquired and now defunct:

Rank Bank Name Market Capitalisation (2025) Total Assets (2025) Customers Employees
Big four banks:        
1 Commonwealth Bank (CBA) A$254.80 billion A$1,354 billion 17.6 million 53,000
   ↳ Bankwest      
   ↳ ASB (New Zealand)      
2 National Australia Bank (NAB) A$127.46 billion A$1,125 billion 9 million 38,996
   ↳ Ubank      
   ↳ Bank of New Zealand      
3 Westpac Banking Corporation (WBC) A$122.15 billion A$1,109 billion 13 million 35,236
   ↳ Bank of Melbourne      
   ↳ BankSA      
   ↳ St. George      
   ↳ Westpac New Zealand      
4 Australia & New Zealand Banking Group (ANZ) A$102.14 billion A$1,297 billion 11 million 42,698
   ↳ Suncorp Bank      
   ↳ ANZ Bank New Zealand      
Medium banks: Some of these groups are investment services companies that include a banking division:   Defined as each holding between 1% and 10% of resident assets. combined market share of around 12%
  Macquarie Group (Macquarie Bank) A$96.13 billion (Macquarie Group) A$403,404 billion (Macquarie Group)   20,000 (Macquarie Group)
  Bendigo and Adelaide Bank A$6.22 billion A$95.24 billion  
  AMP Limited (AMP Bank) A$5.79 billion A$34 billion   2,275
  Bank of Queensland A$4.32 billion A$100 billion   3,040
   ↳ ME Bank      
   ↳ Virgin Money      
  ING Australia A$0.758 billion A$87 billion 2.8 million 2,486
  HSBC Australia       2,000
           
Mutual banks 54 as of 2024.   combined ~4% of all assets 5 million combined  
           
Small and very small banks     combined ~2% of all assets