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27-456: The Colonial Mutual Life Assurance Society Limited , later Colonial Limited , and commonly known as Colonial Mutual , Colonial Mutual Life , and/or CML , was a diverse international financial services company headquartered in Melbourne , Australia . Colonial's core businesses were life and general insurance, retirement savings , banking and funds management . The company operated in

54-897: A macroeconomic scale that impacts domestic politics and foreign relations . The extragovernmental power and scale of the finance industry remains an ongoing controversy in many industrialized Western economies, as seen in the American Occupy Wall Street civil protest movement of 2011. Styles of financial institution include credit union , bank , savings and loan association , trust company , building society , brokerage firm , payment processor , many types of broker , and some government-sponsored enterprise . Financial services include accountancy , investment banking , investment management , and personal asset management . Financial products include insurance , credit cards , mortgage loans , and pension funds . The term "financial services" became more prevalent in

81-485: A business, helps businesses raise money from other firms in the form of bonds (debt) or share capital (equity). The primary operations of commercial banks include: The United States is the largest commercial banking services location. New York City and London are the largest centers of investment banking services. NYC is dominated by U.S. domestic business, while in London international business and commerce make up

108-711: A joint venture contract with China Life Insurance Company to establish a life insurance business in Shanghai. China The company has operated representative offices in Beijing since 1994 and in Shanghai since 1995. In April 1998, Colonial became the first Australian insurer to be invited by the Government of the People’s Republic of China to apply for a licence to set up a life insurance business in Shanghai. A joint venture with China’s largest life insurer China Life

135-683: A joint venture with EON in 1995, establishing EON CMG Life. The company currently employs 1200 staff and agents and has offices in seven key locations across Malaysia including in Peninsula Malaysia , Sabah and Sarawak . New Zealand Colonial currently offers term life insurance, retirement savings, income protection, trauma and disability cover, funds management and administration. The New Zealand insurance distribution network includes preferred agents, financial planners and brokers, in conjunction with Colonial’s franchised outlets. Singapore In Singapore, CMG First State Investments offers

162-459: A mix between retail and wholesale products and experienced staff and management. Thailand Ayudhya CMG Life was Thailand’s third largest insurance company (by new business). A full product range – including family protection and retirement planning products, investments, employee benefits and health care – was offered to individual and corporate clients. The company has almost 7000 staff and agents in approximately 80 branches. The Philippines In

189-530: A significant portion of investment banking activity. FX or Foreign exchange services are provided by many banks and specialists foreign exchange brokers around the world. Foreign exchange services include: London handled 36.7% of global currency transactions in 2009 – an average daily turnover of US$ 1.85 trillion – with more US dollars traded in London than New York, and more Euros traded than in every other city in Europe combined. New York City

216-402: A strong presence in the automotive component sector through its subsidiary PT Astra Otoparts Tbk. In addition, Astra has interests in financial services; heavy equipment and mining; agribusiness; infrastructure and logistics; and information technology. In financial services, Astra's businesses provide financial products and services to support its automotive and heavy equipment sales. The group

243-580: A variety of reasons. Some smaller financial centres, such as Bermuda , Luxembourg , and the Cayman Islands , lack sufficient size for a domestic financial services sector and have developed a role providing services to non-residents as offshore financial centres . The increasing competitiveness of financial services has meant that some countries, such as Japan, which were once self-sufficient, have increasingly imported financial services. The leading financial exporter, in terms of exports less imports,

270-562: Is an Indonesian conglomerate controlled by Jardine Cycle & Carriage . It was founded in 1957 by Tjia Kian Tie, Liem Pen Hong with the name of PT Astra International Incorporated. It is Southeast Asia's largest independent automotive group. Operating predominantly in Indonesia, it is a provider of a full range of automobile and motorcycle products in partnerships with companies which include Toyota, Daihatsu, Isuzu, UD Trucks and BMW for automobiles, and Honda for motorcycles. Astra also has

297-848: Is the United Kingdom , which had $ 95 billion of financial exports in 2014. The UK's position is helped by both unique institutions (such as Lloyd's of London for insurance, the Baltic Exchange for shipping etc.) and an environment that attracts foreign firms; many international corporations have global or regional headquarters in the London and are listed on the London Stock Exchange , and many banks and other financial institutions operate there or in Edinburgh . Astra International Astra International, Tbk.

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324-600: Is the largest center of investment services, followed by London. The United States, followed by Japan and the United Kingdom are the largest insurance markets in the world. A financial export is a financial service provided by a domestic firm (regardless of ownership) to a foreign firm or individual. While financial services such as banking, insurance, and investment management are often seen as domestic services, an increasing proportion of financial services are now being handled abroad, in other financial centres , for

351-408: Is traditionally among those to receive government support in times of widespread economic crisis. Such bailouts, however, enjoy less public support than those for other industries. A commercial bank is what is commonly referred to as simply a bank. The term " commercial " is used to distinguish it from an investment bank , a type of financial services entity which instead of lending money directly to

378-607: The United Kingdom , New Zealand and the Fiji Islands for more than a century. It was a mutual society for most of its history, and demutualised in 1997. In 1994, Colonial acquired the State Bank of New South Wales , including the bank's First State investment management business. Colonial was acquired by Commonwealth Bank in 2000. The Colonial name lives on in the Colonial First State subsidiary of

405-534: The United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank , keeps the original brands of

432-594: The Commonwealth Bank. Colonial was founded in Melbourne in 1873. The first President of the Society was Sir Redmond Barry . The first Chief Manager was Thomas Jacques Martin . In the 1980s, Jacques Martin was established to provide administration and consulting services to rapidly expanding corporate and industry-based retirement funds. In 1989, financial advisers became a feature of the business through

459-823: The Fiji life and health insurance markets, with around a 70 per cent share of the local life insurance market by premium income. It became active in banking in Fiji when it acquired a 51 per cent stake in the National Bank of Fiji (now Colonial National Bank) in early 1999. Hong Kong CMG was the fifth largest life insurance business in Hong Kong (by new business) and offers life insurance, retirement savings and credit card services to retail and corporate clients. The product range also includes personal accident, hospital and surgical expenses benefits; disability income; and group medical insurance. Investments are also offered through

486-648: The Philippines, CMG employs more than 2800 staff and agents, offering corporate and individual clients life, personal accident and medical insurance. The head office was in Manila with a further 19 offices in major cities throughout the country. United Kingdom Colonial’s international funds management business was represented in the UK market through Colonial Stewart Ivory Investments. The international equities operations of Colonial First State Investments are centralised in

513-929: The UK, taking advantage of its position as a key global financial centre. Vietnam In 1999, Colonial was awarded the first Vietnamese licence for a life insurance joint venture between a local and international company. This followed the signing earlier that year of a joint venture agreement with the Ho Chi Minh City Insurance Company (Bao Minh). The joint venture, Bao Minh CMG, was based in Ho Chi Minh City and commenced selling life insurance policies in March 2000. Financial services The finance industry in its most common sense concerns commercial banks that provide market liquidity , risk instruments , and brokerage for large public companies and multinational corporations at

540-546: The acquired firm, and adds the acquisition to its holding company simply to diversify its earnings . Outside the U.S. (e.g. Japan ), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent and has its own customers, etc. In the other style, a bank would simply create its own insurance division or brokerage division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company. The financial sector

567-479: The financial services sector. It was to achieve growth and balance risk across a diverse range of income streams, drawn from its wide but complementary range of business operations and its broad geographic exposure. In 2000, Colonial became part of the Commonwealth Bank Group. Colonial was differentiated in the marketplace through its fundamental strategy known as bancassurance or ‘allfinanz’,

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594-578: The group’s international funds management business, CMG First State Investments. CMG offers a comprehensive range of pension products, administration and investment services for the Hong Kong Mandatory Provident Fund. Indonesia Colonial had been in a joint venture with PT Astra International , since 1992. Astra CMG has almost 1500 staff and agents in 30 locations offering life insurance products and services for individual and corporate clients. Malaysia Colonial entered

621-753: The local market conditions and opportunities. The company entered Asia in 1990 under the brand ‘CMG’ and now has a presence in the region spanning eight markets. The group’s operations in Hong Kong, Singapore and the Philippines are wholly owned. In other key markets CMH has forged joint ventures with Edaran Otomobil Nasional Berhad (EON) in Malaysia, the Bank of Ayudhya family of companies in Thailand, PT Astra International in Indonesia, and The Ho Chi Minh City Insurance Company (Bao Minh) in Vietnam. Colonial signed

648-472: The provision of a broad range of integrated solutions to its customers’ lifelong financial needs. These financial solutions were delivered through innovative methods of distribution that are most convenient and relevant to customers’ individual needs. The allfinanz approach was most highly developed in Australia, and it was progressively being exported to Colonial’s international operations in ways that reflect

675-488: The purchase of Scottish Amicable’s interests in Australia. Colonial expanded its operations into Asia in 1990 and its presence in the region comprised almost 130 offices across eight markets. In 1994, banking became a major platform of the group’s business when Colonial acquired the State Bank of New South Wales. Funds management was a key sector of Colonial’s operations since the company was established, and this business

702-566: Was announced on 30 July 1999. The group was also active in investments in China. It has established a joint venture company – CMG Mahon Investments – a direct equity fund to invest directly into businesses in less developed regions of China. It also manages and part owns CMG CH China Investments Limited, a fund that invests exclusively in equities listed on the Shanghai and Shenzhen stock exchanges. Fiji Islands Colonial offered life insurance, health insurance, banking and investments in Fiji. It leads

729-534: Was further expanded when Colonial acquired First State Fund Managers (now Colonial First State Investments) as part of the agreement to buy the Bank. In 1997 Colonial’s stockbroking arm was established. Colonial listed on the Australian and New Zealand stock exchanges in 1997, ending 124 years as a mutual company and beginning a new era as a publicly owned company. Colonial carved out a unique position for itself in

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