Big Four Australian banks join global elite

[Aliantha]

From here

THE crisis in the financial system catapulted all four majors into the ranks of the top 20 global banks for the first time.
As a result Australia's big banks are expect to grab new business opportunities and draw the attention of more international investors, The Australian reported.

Although shares in the Big Four banks have collapsed more than 50 per cent in the past year, with new multi-year lows struck on Friday, they have stood up far better than their UK and US counterparts.

Despite pressure on their funding and bad-loan books, they remain highly profitable while banks overseas seek government handouts, are nationalised or allowed to collapse. In the US alone, the global shake-up means Australia's four largest banks, which have retained their AA rating, are now considered some of the biggest in the world.

This is good news for Australians who can rest with some assurance that someone somewhere is doing something right with our money. It also means that many homeowners/borrowers need not worry quite so much about their loans being called in immediately they go into default, giving at least a little breathing space to 'catch up'.

no doubt this year will be telling though.