This article discusses the Westpac Bank, its history and the services it offers.
Westpac Bank was established in 1817 as the Bank of New South Wales and is Australia’s first and oldest bank. Westpac saw a major expansion throughout Australia’s gold rush in the 1850s and expanded from a single office in Sydney to 37 branches.
By the time of the Great Depression in 1929, Westpac Bank’s general manager at that time foresaw the devastation on international markets and moved to adjust the exchange rate of the Australian currency at that time. The downward movement of the pound sterling softened the negative effect of the global depression and jumpstarted Australia’s economy back into a period of recovery.
Westpac Banking Corporation
In 1982 the bank acquired the Commercial Bank of Australia and changed its name to become Westpac Banking Corporation. Throughout the 1990s, Westpac Bank made several acquisitions across Australia and New Zealand. These acquisitions included Challenge Bank Limited, Trust Bank New Zealand and Bank of Melbourne.
Westpac Bank continued into the new millennium, deciding to sell its longstanding financial company AGC and to focus on wealth creation and wealth management strategies. This plan saw Westpac Bank acquire Rothschild Australia Asset Management, Banker’s Trust (BT) Financial Group and Hastings Funds Management Limited.
In December 2008, Westpac Bank took over St. George Bank and Bank SA (Bank of South Australia) to become Australia’s largest bank by market capitalization.
This illustrious history has gained Westpac Bank the notable recognition of being named the most sustainable bank in the world for five years running by the Dow Jones Sustainability Index.
Westbac Bank Financial Services
The long-reaching arm of Westpac Bank’s services means it provides banking services for approximately 8.2 million customers. Aside from the retail banking sector, providing transaction accounts, savings and chequing accounts, credit cards and mortgages, Westpac Bank also offers comprehensive business banking services.
Investment products, superannuation and insurance products also add to the supply of banking services available to customers.
Since Westpac acquired BT Financial Services, it uses this arm of operations to offer customers managed investments, margin lending, broking products, life insurance and superannuation as part of its wealth management division.
Although Westpac Bank acquired RAMS Home Loans, St. George Bank and Bank SA, each of the individual trading names was retained and these iconic banking institutions still operate under their original branding, even though they form an integral part of Westpac Bank’s expanding banner.
Westpac Bank and International Presence
Westpac Bank also operates widely across New Zealand, claiming the position of second largest bank in New Zealand. It’s also one of the largest banks in Fiji.
In an effort to expand into international territory, Westpac Bank formed strategic alliances with various international banks. A member of the Global ATM Alliance, Westpac Bank offers customers the availability of using the ATM services of other banks within the alliance with no fees when traveling internationally. Other banks in the Global ATM Alliance include Bank of America (USA), Barclays (UK), BNP Paribas (France), China Construction Bank (China), Deutsche Bank (Germany) and ScotiaBank (Canada).
While the I has its headquarters in Sydney, Australia, it operates widely throughout seven south Pacific nations.