Westpac Banking Corporation (Westpac) is a multinational banking and financial services provider. Westpac was established in 1817 as the Bank of New South Wales under a charter of incorporation provided by Governor Lachlan Macquarie. In October 1982 the bank changed its name to Westpac Banking Corporation following the acquisition of the Commercial Bank of Australia.
Westpac is one of the four major banking organisations in Australia and one of the largest banking organisations in New Zealand. Westpac provides a range of banking and financial services in these markets through its consumer, business and institutional banking and wealth management services segments.
For the financial year end 30 September 2019, Westpac had 14.2 million customers, operated 1,143 branch locations, and had 2,847 ATMs. In the same year, Westpac had total assets of AUD 906.6 billion, and employed 33,288 people.
Westpac Banking Corporation is listed on the Australian Securities Exchange (ASX) under the code WBC.
Consumer - The consumer bank segment is responsible for sales and service to consumer customers in Australia under the Westpac, St.George, Bank of Melbourne, BankSA, BT and RAMS brands. For the year ended 30 September 2019, the consumer bank segment accounted for 43.99% (AUD 9,083 million) of net operating income.
Business - The business bank segment is responsible for sales and service to micro, small-to-medium enterprises, commercial business and private wealth clients in Australia under the Westpac, St.George, Bank of Melbourne, BankSA, BT brands and Capital Finance. The segment also provides specialist services for cash flow finance, trade finance, automotive and equipment finance, property finance, treasury and auto finance loans. For the year ended 30 September 2019, the business bank segment accounted for 31.75% (AUD 6,556 million) of net operating income.
Westpac Institutional Bank (WIB) - The Westpac institutional bank segment delivers a broad range of financial products and services to commercial, corporate, institutional and government customers with connections to Australia and New Zealand. Customers are supported through branches and subsidiaries located in Australia, New Zealand, Asia, the United States and the United Kingdom. WIB is also responsible for Westpac’s Pacific Banking operations providing a full range of banking services in Fiji and Papua New Guinea. For the year ended 30 September 2019, the Westpac institutional bank segment accounted for 13.25% (AUD 2,735 million) of net operating income.
Westpac New Zealand - Westpac New Zealand is responsible for sales and services of banking, wealth, and insurance products for consumer, business and institutional customers in New Zealand, operating under the Westpac New Zealand, Westpac Life and BT Funds Management (NZ) brands. In the year ended 30 September 2019, Westpac New Zealand accounted for 11.06% (AUD 2,283 million) of net operating income.
Note: For the year end 30 September 2019, the group business accounted for -0.01% and net cash earnings adjustment accounted for -0.03%.
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