Westpac facts for kids

Quick facts for kids
Westpac Banking Corporation

Headquarters at Westpac Place in Sydney
Type	Public company
Traded as	ASX: WBC NZX: WBC S&P/ASX 200 component
Industry	Banking Financial services
Predecessor	Bank of New South Wales Commercial Bank of Australia
Founded	8 April 1817 (1817-04-08) (as the Bank of New South Wales) 4 May 1982 (1982-05-04) (as Westpac Banking Corporation)
Headquarters	Westpac Place Sydney, Australia
Area served	Worldwide
Key people	John McFarlane (Chairman) Peter King (CEO)
Products	Finance and insurance, consumer banking, corporate banking, investment banking, investment management, global wealth management, private equity, mortgages, credit cards
Operating income	A$21.65 billion (2023)
Net income	A$7.20 billion (2023)
Total assets	A$1.02 trillion (2023)
Total equity	A$71.27 billion (2023)
Number of employees	36,146 (2023)
Subsidiaries	St George Bank BankSA Bank of Melbourne Westpac New Zealand

Westpac Banking Corporation, or simply Westpac, is a large Australian company. It offers banking and financial services around the world. Its main office is in Sydney, Australia.

Westpac started in 1817 as the Bank of New South Wales. It bought the Commercial Bank of Australia in 1981. Then, in 1982, it changed its name to Westpac Banking Corporation. Westpac is one of Australia's four biggest banks. It is also the oldest bank in Australia. The name "Westpac" comes from "Western" and "Pacific."

In 2023, Westpac served 13 million customers globally. It had about 36,000 employees. In 2022, Westpac was ranked 53rd among the "Top 1000 World Banks."

History of Westpac

Westpac began in Sydney in 1817. It was first called the Bank of New South Wales (BNSW). Governor Lachlan Macquarie helped start it. It was the very first bank in Australia.

During the 1800s and early 1900s, BNSW opened many branches. These branches were across Australia and nearby islands. They opened in places like Brisbane (1850), New Zealand (1861), and Fiji (1901).

• In 1927, BNSW bought the Western Australian Bank.
• In 1931, it bought the Australian Bank of Commerce.
• In 1973, BNSW became a sponsor for the Rescue Helicopter service. This service is now known as the Westpac Life Saver Rescue Helicopter Service.
• In 1974, BNSW helped create the Bank of Tonga. This was a joint project with other banks and the Tongan government.

Westpac is Formed

In 1982, the Bank of New South Wales merged with the Commercial Bank of Australia. This created Westpac. The new name, Westpac Banking Corporation, showed its goal. It wanted to be a major bank in the Western Pacific region. The name "Westpac" is a mix of "Western" and "Pacific." The "W" in the new logo was from the old Bank of New South Wales logo.

• In 1984, Westpac and the government of Kiribati started the Bank of Kiribati.
• In 1988, Westpac bought other banks in places like the Cook Islands and Solomon Islands. It also opened a branch in Niue.
• In 1992, Westpac faced a big financial challenge. It had a large loss, which was the biggest for an Australian company at that time.
• In 1995, Westpac bought Challenge Bank.
• In 1996, Westpac bought Trust Bank in New Zealand. This made it the largest bank in New Zealand.
• In 1997, Westpac acquired Bank of Melbourne in Victoria, Australia.
• In 2001, Westpac increased its ownership in banks in Samoa and Tonga.
• In 2008, Westpac announced it would merge with St George Bank. St George was Australia's fifth-largest bank. This merger was approved in November 2008.
• In 2011, St George branches in Victoria became Bank of Melbourne branches again.
• In 2017, Westpac celebrated its 200th birthday!
• In 2020, Peter King became the new CEO of Westpac.

How Westpac Works

Westpac has five main parts. These parts help serve over 13 million customers. The main parts are: Consumer Bank, Commercial and Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac New Zealand.

Consumer Bank

The Consumer Bank helps 9 million customers in Australia. It helps them with everyday banking. This includes products and services under the Westpac, St George, BankSA, Bank of Melbourne, and RAMS names.

You can find these services at 877 branches, call centers, and 1,637 ATMs. They also offer online banking.

Business Bank

The Business Bank helps small to medium-sized businesses. It also helps larger companies and farms in Australia. They offer services under the Westpac, St George Bank, BankSA, and Bank of Melbourne brands.

Businesses can get loans, help with trade, and advice on managing money. They work with special managers through business centers and online.

BT Financial Group

BT is Westpac's brand for managing money and investments. They help people with investments and retirement savings. They also offer insurance, like life insurance.

Westpac Institutional Bank

Westpac Institutional Bank (WIB) provides financial services to big companies, governments, and other large organizations. They help with things like managing transactions, financial markets, and special investments.

WIB works in Australia, New Zealand, the US, the UK, and parts of Asia.

Westpac New Zealand

Westpac NZ's head office, Takutai Square, Auckland

The Bank of New South Wales opened branches in New Zealand in 1861. Today, Westpac NZ serves about 1.5 million customers. It has 197 branches across the country. It is a major bank for businesses and the New Zealand government. As of June 2022, it was the third-largest bank in New Zealand.

In 2006, Westpac NZ was fined for some foreign transaction fees. They paid back money to affected customers. In 2009, Westpac NZ also paid money to the tax department.

In 2014, Westpac NZ was the first bank in New Zealand to test a new mobile payment system. This allowed customers to use their Android phones like a digital wallet. Soon after, they launched an app that lets users check balances and find branches in a 3D view.

Naming Rights

• Westpac Stadium in Wellington was named after Westpac from 2000 to 2019.

Global ATM Alliance

Westpac is part of the Global ATM Alliance. This is a group of big international banks. If you are a customer of one of these banks, you can use ATMs from other banks in the alliance without extra fees when traveling. Other banks in this group include Bank of America (US) and Scotiabank (Canada).

Westpac Migrant Banking

This part of Westpac helps people moving to Australia or New Zealand. They can open bank accounts before arriving. They can also get credit cards or home loans approved early. Westpac has an office in London to help with this.

Westpac Pacific

Westpac branch in Suva, Fiji

Westpac also operates in seven South Pacific nations. Its main office for this region is in Sydney. They offer online banking, ATMs, and loans to people and businesses. Westpac Fiji is one of the biggest banks in Fiji. It serves 40% of the market there.

Westpac Outstanding Women Awards

Each year, Westpac celebrates women in Papua New Guinea. The Westpac Outstanding Women Awards recognize professional women doing great work in different areas.

Banking Alliance for Women

Westpac Pacific Banking is part of the Global Banking Alliance for Women. This group supports projects in the Pacific to help women succeed and grow.

Reinventure

Westpac has invested $150 million in a group called Reinventure. This group invests in new technology companies. Their goal is to improve how technology is used in banking. Reinventure has invested in companies like BrickX and OpenAgent.

Being a Responsible Company

In 2002, Westpac shared a report about its social impact. This report showed how the bank planned to meet international standards for being a good corporate citizen. Because of this, Westpac was recognized as a top bank for sustainability from 2004 to 2007.

Westpac has faced some criticism for supporting logging in the Solomon Islands. Some groups say this harms rainforests.

Westpac was one of 13 large Australian companies that supported the 'Yes' campaign for the 2023 Australian Indigenous Voice referendum.

Leaders of Westpac

Chief Executives

Here are the people who have been the chief executive of Westpac:

Chairs of the Board

These people have been the chairman of Westpac's board:

See also

In Spanish: Westpac para niños

• Banking in Australia
• Global ATM Alliance
• List of banks in Australia
• Westpac Life Saver Rescue Helicopter Service
• Westpac Rescue Helicopter (New Zealand)
• Westpac Stadium