Commonwealth Bank of Australia reported an 11% rise in profit in fiscal 2012, helping support the reputation of Australia’s banks as a relative safe haven amid the turmoil roiling global markets.
WSJ: Commonwealth Bank Profit Climbs
I know next to nothing about Commonwealth Bank, but let me just say here and now that if China continues to slowly implode, the last place I want to invest my money is an Australian bank. A Chinese bank may be a worse investment, but there’s a chance that the political connections in China could bail you out.
