Westpac has a proud history of being Australia's first and oldest bank.
It was founded in 1817 but it got its name changed from Bank of New South Wales to Westpac Banking Corporation in October 1982.It provides a variety of banking and financial services, which includes institutional banking, retail and wealth management services. The company operates its business through the following segments: Westpac Institutional Bank Australian Financial Services, and Westpac New Zealand. The Westpac Institutional Bank segment provides a broad range of financial services to corporate, institutional, commercial and government customers with connections to Australia and New Zealand. The Australian Financial Services segment takes care of Australian retail banking, and wealth operations. The Westpac New Zealand segment looks after sales and service of insurance and wealth products for business, consumers, and institutional customers in New Zealand. The company has an employee strength of 36373. The company operates through a network of 1200 branches and serves more than 12.2 million customers worldwide. Some of the key executives of the bank are Gail Kelly (CEO and Managing Director) and Lindsay Maxsted (Chairman). Federal government of Australia follows the “Four Pillar Policy” to maintain the status quo and through this policy it was able to reinforce the status of big 4 banks of Australia during the global recession of 2008-2009.During this time Westpac acquired St. George Bank and the Common wealth Bank acquired Bankwest. It has a market cap of $94.2 bn .It is ranked 60 in Forbes global 2000. Forbes calculate Global 2000 by compiling a composite score for each company based on their rankings for profits, sales, assets and market value. The highest composite score gets the highest rank and then the ranking of Forbes 2000 is done in descending order.