Are you with a smaller bank or financial institution? Chances are it’s owned by another. Check out Canstar's complete guide to who owns who in the world of banking.
According to a consumer survey of more than 1,500 people undertaken by People's Choice Credit Union, and released recently, 84% of respondents believed banks should have to disclose who owns them when they advertise, instead of it being buried in the fine print. The survey found some two-thirds of people thought multi-branding was used to trick customers about ownership, while only 30% of people saw it as fair.
The findings echo the results of an Essential Research survey of 1000 Australians conducted earlier this year, which found consumer confusion about multi-branding by the big banks. Just 52% of those surveyed were aware that St George was owned by a big four bank, and only 29% were aware that RAMS is likewise owned.
