Australian & Foreign Banks in NSW
New South Wales is a regional hub for banking and finance. Of the 63 international financial institutions in Australia, 59 (93.6 per cent) are headquartered in Sydney, the state's capital. And of the 69 authorised deposit-taking banks in the country, 51 (74 per cent) are based in Sydney.
World-class banking sector
The World Economic Forum rates Australia as one of the worlds' best performing global financial centres, ranking third in Asia and fifth in the world.
Some of the reasons for this ranking include the efficiency and disclosure of the country's banks, a low risk of a sovereign debt crisis, the sophistication of financial markets, the level of mergers and acquisitions, equity market development and retail access to financial services.
The Arab Bank Australia and the State Bank of India both have branches in Sydney, as do many North American and European banks.
The top five Chinese banks with headquarters in Sydney are the Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, Bank of China and Agricultural Bank of China.
Financial regulatory bodies
Australia's key financial regulatory bodies have their head offices in Sydney. These bodies include the Reserve Bank of Australia (RBA), the Australian Prudential Regulatory Authority (APRA) and the Australian Securities and Investment Commission (ASIC).
Finance and insurance
Finance and insurance is the largest industry in NSW, contributing A$57 billion to the state's economy in 2012–13. That contribution is also the largest of any states, with NSW making up 44 per cent of the national finance and insurance industry.
In Sydney alone, the finance and insurance industry contributes about 12 per cent of gross state product for NSW.
Financial services companies choose Sydney and NSW as their headquarters for a number of reasons, including the state's highly educated and multilingual workforce. About 175,000 people are employed in the finance and insurance industry in NSW, representing 5 per cent of the state's workforce.