Westpac

Office address: 275 Kent Street Sydney, NSW 2000
Website: www.westpac.com.au
Year established: 1817
Company type: banking
Employees: 33,000+
Expertise: banking, financial services, mortgage services, institutional banking, corporate banking, migrant banking, business banking, personal banking, private bank, and agribusiness
Parent company: N/A
CEO and key people: Peter King, CEO
Financing status: public

Westpac is an Australian financial services and multinational banking institution and is the oldest bank in the country. Regarded as one of the “Big Four” banks, its market capitalisation as of 2024 is $91.7 billion with 13 million customers worldwide. Westpac has also acquired subsidiaries such as St. George Bank, Bank of Melbourne, Westpac NZ, and BankSA.

History of Westpac

Westpac was founded in 1817 as the Bank of New South Wales under Gov. Lachlan Macquarie’s charter of incorporation. It was merchants and businesspeople that laid down the foundation of the bank during Sydney’s colonial era. The Bank’s economic expansion exploded during the Gold Rush in 1851 when miners deposited gold and transacted with the bank.

During the 1970s, the bank engaged in other activities including initiating helicopter rescue missions around Australia. In 1982, the Bank merged with the Commercial Bank of Australia, forming the name “Westpac”.

With over 200 years of financial service and involvement in the country’s national development, Westpac has established itself as a huge part of Australia’s culture and economy.

Products and Services of Westpac

Some of Westpac’s range of products and services include:

  • accounts and deposits: offering a variety of accounts for personal, business, and institutional use
  • loans and mortgages: comprehensive loan services including home, personal, business, and commercial loans
  • insurance: a wide range of insurance products covering life, travel, home, and more
  • investment products: tailored investment solutions for individuals and businesses

Culture at Westpac

Westpac acknowledges Australia’s Indigenous Peoples, whether they are Aboriginal or from the Torres Strait. Westpac supports the First People of Australia by doing business with them and recognising the need to include their native languages within the bank’s platforms. The bank also promotes reconciliation by providing an Indigenous call centre, community and social enterprise, and more.

The bank is passionate about keeping the planet safe by advocating for sustainable actions, such as adopting a sustainable strategy, plans, and policies.

Westpac also promotes inclusivity and diversity, winning the 2018 Australian Workplace Equality Index. The bank also continually provides scholarships and holds foundation programs across the world.

About Westpac CEO Peter King

Peter King was appointed as the Westpac Group CEO in 2020 but has been part of the company since 2004. King has held various positions in the bank, mainly as CFO. His expertise includes group auditing, treasury, investor related activities, and technology.

King has a bachelor’s in Economics from the University of Sydney. He also took up Advanced Management Programme, Business Administration and Management at INSEAD.

The Future at Westpac

Since King’s leadership, Westpac has focused on simplification and strategic consolidation, highlighting its core banking operations. The bank is also giving attention to showing their customers ways to prevent online scams. But with the help of their subsidiaries and their customers, Westpac is looking towards a coordinated future founded upon collaboration and centuries of experience.

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