Because of currency-translation errors, two recent charts overstated the market capitalization of Australian banks.
The June 18 chart "Top 100 World Financial Institutions in Market Capitalization" (page 11) should have shown National Australia Bank Ltd. as 51st on March 31, with $20.3 billion in U.S. dollars; and Westpac Banking Corp. as 96th, with $12.4 billion. Australia and New Zealand Banking Group, 104th with $10.2 billion, and Commonwealth Bank of Australia, 116th with $7.9 billion, should not have been listed. The error bumped AON Corp. of Chicago and Fortis Group of Utrecht, Netherlands, off the top 100 list.
And in the Aug. 6 chart "Top 50 World Banking Companies in Market Capitalization" (page 24), National Australia should have ranked 31st as of June 30, with $18.9 billion; Westpac 55th, with $11.4 billion; Australia and New Zealand 61st, with $10.6 billion; and Commonwealth 60th, with $10.8 billion. The error bumped Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, and Fuji Bank Ltd. off the top-50 list.