Westpac Banking Profile
Westpac Banking Corporation provides a broad range of financial products and services in its core markets of Australia and New Zealand.
The company serves 13.0 million customers and provides products and services through its four divisions: Consumer, Business and Wealth, Westpac Institutional Bank, and Westpac New Zealand.
The company is a one of Australia's leading providers of banking and selected financial services, operating under multiple brands, and predominantly in Australia and New Zealand, with a small presence in Europe, North America, Asia, and the Pacific islands of Fiji and Papua New Guinea.
The company operates through a significant online capability supported by an extensive branch and ATM network, call centres, and specialist relationship and product managers.
Segments
The company operates through Consumer, Business, Westpac Institutional Bank (WIB), Westpac New Zealand, and Specialist Businesses segments.
Consumer
This segment provides a full range of banking products and services to customers in Australia through three lines of business consisting of mortgages, consumer finance, and deposits. Products and services are provided through a portfolio of brands comprising Westpac, St.George, BankSA, Bank of Melbourne, and RAMS using digital channels and branches.
Business
This segment provides services and products to Australian small to medium businesses, including commercial and agribusiness customers. It offers business lending, merchant services using ecommerce solutions, and transaction banking services. Business also includes private wealth, supporting needs of high-net-worth individuals. It operates under the Westpac, St.George, and Bank of Melbourne brands.
Westpac Institutional Bank (WIB)
This segment delivers a broad range of financial products and services to corporate, institutional, and government customers. It comprises three lines of business: Corporate and Institutional Bank (CIB), Global Transaction Services (GTS), and Financial Markets (FM). CIB uses dedicated industry relationship and specialist product teams to support clients' lending needs. GTS is responsible for the provision of payments and liquidity management solutions to WIB's clients and the company's domestic and international payments infrastructure. FM provides a range of risk management, investment and debt capital market solutions to WIB clients and access to financial market products for consumer and business customers. Clients are supported throughout Australia and via branches and subsidiaries located in New Zealand, New York, London, Frankfurt, and Singapore.
WIB operates through dedicated industry relationship and specialist product teams, with expert knowledge in financing, transactional banking, and financial and debt capital markets. Customers are supported throughout Australia and via branches and subsidiaries located in New Zealand, New York, London, and Singapore. WIB works with all the company's operating segments in the provision of markets' related financial needs, including foreign exchange and fixed interest solutions.
Westpac New Zealand
This segment provides banking and wealth products and services for consumer, business, and institutional customers in New Zealand.
Specialist Businesses
This segment includes the merger of BT's personal and corporate superannuation funds with Mercer Super Trust through a SFT and the sale of its Advance Asset Management Limited business to Mercer Australia were completed earlier in the year. The remaining operations include Platforms, Westpac Pacific, margin lending, and the retail auto finance business, which is in run-off. These businesses will be retained and transferred to a new Business and Wealth segment.
History
The company was founded in 1817. It was incorporated in 2002. The company was formerly known as Bank of New South Wales and changed its name to Westpac Banking Corporation in 1982.
