Westpac Banking Corporation, is banking group and financial services provider headquartered in Sydney.
It is one of the members of the big four banking group in Australia, and as of 2015, Westpac serves 13 million customers with the largest branch network in Australia with around 1400 branches and 3900 ATMs. With 571 billion dollars in assets, it is one of the largest banks by assets in Australia.
In New Zealand, Westpac is the second largest bank. The financial corporation has Brian Hartzer as its Chief Executive Officer. Westpac is Australia’s first and the oldest bank. It was formed through a charter in 1817 and was named as Bank of New South Wales. During the 1800s, the bank expanded by providing financial services to gold miners. Following a series of stock market crashes, Westpac recovered by acquiring other banks like Commercial Bank of Australia in 1982. Challenge Bank Limited in 1995, trust Bank in 1996 and Bank of Melbourne in 1997. A string of other acquisitions in the banking and wealth management space in 200s saw the emergence of Westpac as a banking behemoth.
The group is divided into 5 major divisions: Consumer Bank, Commercial and Business Bank, BT Financial Group Australia, Westpac Institutional Bank and Westpac New Zealand. Other business divisions in the group comprise of Westpac Pacific, Customer and Business Service, Treasury, Group Technology and Core Support. Westpac’s strategy aims at building lasting customer relationships, providing a place where people look forward to work for and being a leader in community services. To deliver on this strategy, Westpac has primarily focused on the domestic markets of Australia and New Zealand. It has taken top honors at the Australian Workplace Equity Index in 2016.