# Commonwealth Private: private banking at Australia's largest bank

> CBA's private bank: income above A$450k plus A$2.5m+ to invest or borrow; Private Office from A$10m; LGT Crestone advisory deal; FCS deposit cover up to A$250k.

Author: Dana Berzeg — Attorney-at-law, Family Office (https://wiki.private.law/en/authors/berzegova)
Last modified: 2026-10-20T10:44:00.000Z
Canonical: https://wiki.private.law/en/cba-private-banking
Publisher: wiki.private.law (https://wiki.private.law)
Version: 2f1684f84a2f79fe5ceb9238d205daa96be1e83c9d0311293c8053ac59aa8d7f
Cite as: Commonwealth Private: private banking at Australia's largest bank. wiki.private.law. https://wiki.private.law/en/cba-private-banking. Version 2f1684f84a2f79fe5ceb9238d205daa96be1e83c9d0311293c8053ac59aa8d7f.
Topics: banking
Jurisdictions: australia
Functional tags: private-banking
Product tags: bank, wealth-planning, investment, lombard-credit
Semantic tags: private-banking, bank, wealth-planning, investment, lombard-credit

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## Concept

Commonwealth Private is the private banking arm of Commonwealth Bank of Australia (CBA), the country's largest bank. It sits within Retail Banking Services, led by Group Executive Angus Sullivan; Sarah Chadzynski became General Manager of Commonwealth Private in October 2025. Clients are served through Commonwealth Private Limited, a separate AFSL-licensed legal entity that is not an ADI — banking products come from CBA itself. The group closed FY25 with a record cash net profit of A$10.252 billion; private banking assets under management are not disclosed.

## History and evolution

- **1911** — CBA founded by the Commonwealth government.
- **1991–1996** — staged privatisation of the bank.
- **2011** — Private Office launched for clients with A$10 million or more.
- **2018** — AUSTRAC settlement: a A$700 million civil penalty.
- **2020–2021** — 55% of Colonial First State sold to KKR.
- **November 2024** — agreement to transfer the advisory business to LGT Crestone.
- **July 2025** — Private Wealth Advantage partnership with J.P. Morgan Asset Management.
> 🍓 Deposits with CBA are protected by the government Financial Claims Scheme: up to A$250,000 per account holder per ADI. Commonwealth Private Limited is not an ADI, so the protection applies to deposits placed directly with Commonwealth Bank of Australia.

## Regulation

The group's core bank is supervised prudentially by APRA and on conduct by ASIC; Commonwealth Private Limited operates under an AFSL licence supervised by ASIC. The key compliance event dates to 2018: AUSTRAC imposed a A$700 million civil penalty on CBA over 53,700 breaches related to intelligent deposit machines (IDMs). The group's international branches (London, New York, Singapore and others) serve institutional clients only.

## Source of wealth

Typical origins of client wealth: business owners, senior executives and professionals, property wealth, and multi-generational families. As Australia's largest retail bank, CBA also supplies a large pipeline of clients graduating from premier banking. Like any private bank, Commonwealth Private verifies the [source of funds](https://wiki.private.law/source-of-funds).

> 💡 In practice: the official threshold is household income above A$450,000 a year and, at the same time, an intention to invest or borrow at least A$2.5 million. Both conditions are mandatory.

## Who it serves

- Households earning above A$450,000 a year with the intention to invest or borrow A$2.5 million or more (the bank's official criteria).
- Private Office — for clients with A$10 million or more (launched in 2011; its current status is reported only by the press and is not confirmed by primary sources).
- Clients graduating from CBA's premier retail banking segment.
## Services

- investment advice and portfolio solutions;
- access to J.P. Morgan Asset Management capabilities through the Private Wealth Advantage programme (July 2025), including margin lending;
- [lombard lending](https://wiki.private.law/lombard-lending) against liquid assets;
- property and large-ticket financing via CBA's banking lines;
- wealth planning, succession and family structures;
- everyday banking: deposits, payments, premium cards.
## Entities

| Jurisdiction | Legal entity | Form and supervision | Role |
| --- | --- | --- | --- |
| Australia | Commonwealth Bank of Australia | Bank (ADI); APRA, ASIC | Core bank: deposits and lending |
| Australia | Commonwealth Private Limited | AFSL licence; ASIC | Advice and investment services |
| Australia | Colonial First State | Investment manager associate (CBA stake 45%); ASIC | Platform and superannuation; stake under sale discussion |

LGT Crestone acquired Commonwealth Bank's personal advice business, Commonwealth Private Advice. The agreement was announced in November 2024 and the transaction [completed in June 2025](https://www.lgtwm.com/resource/blob/337304/fe91018491cb1644984f5f5ed6459052/media-release-lgt-financial-results-2025-en-data.pdf), in line with the original mid-2025 timetable.

## Strengths

- part of Australia's largest bank with a record FY25 cash profit of A$10.252 billion;
- a single ecosystem: retail banking, lending and investments;
- access to J.P. Morgan Asset Management and margin lending;
- transparent official entry thresholds;
- FCS deposit protection up to A$250,000.
## Where it falls short

- the dual entry threshold (income and amount) excludes wealthy clients without high current income;
- Australia-focused: international branches serve institutional clients only;
- the personal-advice business [transferred to LGT Crestone in June 2025](https://www.lgtwm.com/resource/blob/337304/fe91018491cb1644984f5f5ed6459052/media-release-lgt-financial-results-2025-en-data.pdf), following the November 2024 agreement;
- the remaining 45% stake in Colonial First State is reported to be under sale discussion (press reports, January 2026, at a valuation above A$5 billion; not officially confirmed);
- private banking assets under management are not disclosed.
Optimal for affluent families and business owners in Australia who are already inside the CBA ecosystem and want banking, lending and investments combined with the country's largest domestic provider.

## Q/A

### What is the entry threshold for Commonwealth Private?

Officially: household income above A$450,000 a year and an intention to invest or borrow at least A$2.5 million. Both conditions apply at the same time.

### What is the Private Office?

A service tier for clients with A$10 million or more, launched in 2011. Its current status is reported only by the press and is not confirmed by primary sources.

### Are client deposits protected?

Deposits with Commonwealth Bank of Australia are covered by the Financial Claims Scheme — up to A$250,000 per account holder per ADI. Commonwealth Private Limited itself is not an ADI.

### What is the LGT Crestone deal?

LGT Crestone acquired Commonwealth Bank's personal advice business, Commonwealth Private Advice. The agreement was announced in November 2024 and the transaction [completed in June 2025](https://www.lgtwm.com/resource/blob/337304/fe91018491cb1644984f5f5ed6459052/media-release-lgt-financial-results-2025-en-data.pdf), in line with the original mid-2025 timetable.

### Is Commonwealth Private Limited a bank?

No. It is a separate AFSL-licensed entity supervised by ASIC, providing advice and investment services; banking products are supplied by Commonwealth Bank of Australia.

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