Westpac Banking Corporation history, company profile (overview) and corporate video
Westpac Banking Corporation is a multinational banking and financial services company, headquartered at Westpac Place in Sydney, New South Wales, Australia.
HISTORY
Westpac was established in 1817 as the Bank of New South Wales under a charter of incorporation provided by Governor Lachlan Macquarie.
In 1970, the company was listed on the Australian Securities Exchange.
In 1982, the Bank of New South Wales changed its name to Westpac Banking Corporation following the acquisition of the Commercial Bank of Australia.
From 1993 to 1999, Westpac instigated several acquisitions in Australia and New Zealand to expand its retail footprint, acquiring:
- Challenge Bank Limited, Western Australia in 1995;
- Trust Bank New Zealand in 1996;
- Bank of Melbourne in 1997.
In 2002, the bank began to sell its longstanding iconic finance company, Australian Guarantee Corporation Limited (AGC), to GE Australia.
In 2002, the bank also began to expand its wealth management business with the acquisition of:
- Rothschild Australia Asset Management
- Parts of BT Financial Group
- 51% of Hastings Funds Management Limited, moving to 100% ownership in 2005.
In 2008, Westpac merged with St. George Bank Limited.
In 2011, Westpac Group, through its operating division, St. George Banking Group, launched the Bank of Melbourne.
In 2020, Westpac announced a new strategic direction deciding to simplify the Bank back to its core banking operations, predominantly in Australia and New Zealand. Under this change, the Group began the process of exiting its wealth management, insurance, superannuation platforms, auto finance, and Westpac Pacific businesses.
DIVISIONS
- Consumer: offers banking products under the brands of Westpac, St.George, BankSA, Bank of Melbourne, and RAMS.
- Business: small to medium businesses and commercial and agribusiness customers across Australia (including Private Wealth supporting needs of high-net-worth individuals).
- Westpac Institutional Bank (WIB): provides financial services to commercial, corporate, institutional and government customers operating in, and with connections to, Australia and New Zealand.
- Westpac New Zealand: delivers banking, wealth and insurance services to consumer, business and institutional customers in New Zealand.
- Group Businesses: support functions including treasury, technology, operations, property services, strategy, finance, risk, compliance, legal, human resources and customer and corporate relations.
- Specialist Businesses: superannuation, wealth platforms and investments, Auto finance.
With more than 40,000 employees, Westpac Banking Corporation is considered Australia’s first and oldest bank, and one of the largest banks in New Zealand. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.westpac.com.au.
**Video published on YouTube by “Westpac Banking“