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Westpac Banking

Westpac is a leading banking and financial services provider in Australia and New Zealand.

Categories

Financial and Banking  

#340

Rank

$49.65B

MarketCap AU

AU Australia

Country

Summary

Westpac Banking Corporation provides various banking and financial services in Australia, New Zealand, and internationally. It offers savings, term deposit, business transaction, not-for-profit transaction, foreign currency, farm management deposit, project and retention trust, and statutory trust accounts; home, personal, business, and commercial loans; car and equipment finance; business overdrafts and bank guarantees; debit and credit cards; international and travel services; share trading services; investment products; and home, car, travel, life, caravan and trailer, credit card and loan repayment, boat, and business insurance products. The company also provides corporate and institutional, transaction banking, financial market, corporate and structured finance, trade and supply chain financing, and industry specific banking and treasury services, as well as online banking services. It serves individuals; micro, small, and medium enterprises; commercial business and private wealth clients; and commercial, corporate, institutional, and government customers. The company was formerly known as Bank of New South Wales and changed its name to Westpac Banking Corporation in October 1982. The company was founded in 1817 and is based in Sydney, Australia.


History

Westpac Banking Corporation, commonly known as Westpac, is an Australian bank and financial services provider founded in 1817. Its history can be traced back to the Bank of New South Wales, the first bank in Australia. Westpac acquired the Commercial Banking Company of Sydney in 1982 and established itself as a major retail and commercial bank in Australia. Westpac began to expand its reach in the 1990s. It acquired Challenge Bank in 1994, and St.George Bank in 2008. It also established a presence in the Asia-Pacific region in 1999 with the acquisition of Westpac Bank of New Zealand. During the Global Financial Crisis of 2008-09, Westpac was able to weather the storm better than its competitors, largely due to its conservative investment strategies and other measures taken to manage risk. Since the financial crisis, Westpac has continued to grow and expand across the Asia Pacific region. It launched Westpac Pacific in 2011, making it the only universal bank in the region. It has opened new branches in the US, UK, Europe, and Asia. In 2016, Westpac acquired Lloyds Banking Group’s Australian mortgage book. Westpac has continued to innovate and expand its services in recent years. In 2017, it launched Westpac Live, an online banking platform, and is currently developing app-based banking services. It is also rolling out branchless banking initiatives in the form of mobile banking, contactless payments, and alternative delivery channels like ATMs and kiosks.


Mission

Westpac’s mission is to become the leading bank in Australia and New Zealand and to deliver customer value through great customer service and innovative products and services.


Vision

Westpac’s vision is to be Australia’s first choice financial services provider, building long-term customer relationships and helping customers succeed financially.


Key Team

Dr. Nora Lia Scheinkestel (Board Member)

Margaret Leone Seale (Board Member)

Michael John Hawker (Board Member)

Rebecca Lim L.l.b (Group General Counsel and Enterprise Executive)


Recognition and Awards
Westpac rewards its customers with innovative products and services like Westpac Cashback, The Debit MasterCard, and The Rewards Program. It also encourages staff by recognizing outstanding performance and through its employee recognition program.

References
Westpac Banking
Leadership team

Mr. John McFarlane Obe (Chairman of The Board)

Audette Evelyn Exel (Board Member)

Industries

Financial and Banking

Products/ Services
Finance and insurance, consumer banking, corporate banking, investment banking, investment management, global wealth management, private equity, mortgages, credit cards
Number of Employees
20,000 - 50,000
Headquarters
Westpac Place, Sydney, New SouthWales
Established
1817
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0000719245
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
WBC.AX
Social Media

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