Westpac is an Australian Bank and Financial Service provider headquartered in Sydney. It has more than 10 million customers with around 1500 branches and a network of more than 3000 ATMs. Westpac was founded in 1982 and its annual revenue is more than AUD$ 20 billion.
In any business, there are several companies & brands which compete with each other by offering similar products & services.
For any company to thrive, it is not only important for them to improve their own products, but to also look at what their competitor is offering.
Below we look at the top 6 competitors of Westpac.
1. Commonwealth Bank:
The Commonwealth Bank (CBA) is an Australian multinational bank founded in 1911 with its headquarters in Sydney. Commonwealth bank is one of the “big four” Australian banks along with NAB, ANZ and Westpac and has total assets worth $900 billion, employing 40,000+ in businesses across Fiji, USA, Asia, New Zealand and the United Kingdom. It provides a variety of financial services including insurance, institutional-business-retail banking, funds management, superannuation, investment and broking services.
2. National Australia Bank:
The NAB bank was founded in 1982 as the National Commercial Banking Corporation of Australia Limited. Today the bank is called National Australia Bank and it is one of the biggest financial institution in Australia. It competes strongly in terms of number of customers, earnings and market capitalisation.
The Australia and New Zealand Bank popularly known as ANZ was established on 1 October 1951 and has its headquarters in Melbourne banks. ANZ operates globally in more than 30 markets with proper representation in Australia, Europe, New Zealand, America, Asia, Pacific, Europe and the Middle East, however, Australian operations (Retail & Commercial banking) contributes the maximum to ANZ's business. ANZ is among the top 4 banks (by market capitalization) in Australia, is the largest banking group in NZ and Pacific, and is among the top 50 banks in the world.
Citigroup Inc or Citi was founded in the year 1812 by merging two big giants Citicorp and Travelers group and is headquartered in Manhattan, New York city. Citibank mainly deals with investment banking and financial services. Citibank have one of the largest financial services network ranging over 160 countries with around 17,000 office worldwide and over 200 million accounts in 160 countries.
5. Deutsche Bank:
Deutsche Bank was established on 22 January,1870 by Adelbert Delbruck though it got banking licence on 10 March,1870. In 2000, Deutsche Bank was the largest foreign exchange dealer in the world. The main objective of the Deutsche Bank was to promote and facilitate trade relations between Germany and other European nations. It was also a part of STOXX Europe 50 stock market index.
HSBC is a multinational firm which works in the banking sector. HSBC is of British origin and was setup in its present form in the year 1991. The Hongkong and Shanghai Banking Corporation has its main functioning area in Hongkong and a little less work in the Shanghai.
To conclude, the above article highlights the various competitors which compete with Westpac. This understanding helps to evaluate the various external business factors for any company.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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