1. NewBank Ltd is a listed Australian public company (Bank) and its financial year ends on the 31 December each year. The Bank provides financial services to regional areas across Australia. The CEO and other executives report to the Companys Board of Directors which consists of the chairman, four non-executive directors and 3 executive directors including the CEO.

The annual operating profit of the Bank has exceeded $350M and its reported assets have exceeded $3B.

The Bank has approximately 7500 full-time employees spread across Australia. Approximately 80% of the long-term financing is provided by its 200,000 shareholders. Net interest margin depends heavily on customer deposits with these funds subsequently loaned to regional businesses, farmers, and transport clients. The Bank has over 14,000 customers and deposit holders on the balance sheet.

Based on the above information does the Bank meet the definition of a Reporting Entity? Explain and justify your answer