Westpac Bank
In Australia, quality banking, secure investments, helpful loans and wealth management efficiency are epitomized in only one name – the Westpac Bank.
Westpac Bank, named so because all of its major transactions are made in its branches in the Western Pacific region, is a financial services company operated by the Westpac Banking Corporation and headquartered in Sydney, the Gateway to Australia. Westpac Bank or commonly called Westpac is the 4th biggest bank in the Land Down Under. Westpac follows closely with chief rivals, ANZ, Commonwealth Bank of Australia, and the National Australia Bank.
Westpac Bank is run by competent leaders who made great impacts in the banking industry in Australia. David Morgan is the company’s Chief Executive Officer and Leonard Davis the present Chairman of the board. With its strong corporate governance, the company’s total revenue amounted to AUD$18.1 billion in 2004. Westpac currently employs more than 30,000 employees in Australia.
Westpac Bank Australia focuses on six financial product lines: equity and share management, home mortgage loans, personal lending, commercial lending, business lending and personal lending. All these six products and services fall under Westpac’s five key business areas serving over 8.2 million clients across the Western Pacific market.
For its consumer and business banking unit, Westpac Bank offers services that cater to deposits, transaction accounts, lending and credit cards. Its present turnover in home loans amounts to $20 million, making the company the chief home loans provider in the market. Through Westpac’s network, more services are accessible like superannuation, general insurance, life insurance and investment insurance.
BTSS, or Business Technology Solutions and Services, is Westpac’s answer to Australia’s technology requirements. Through this business unit, the company is able to integrate its IT businesses, the company’s operational centers and its product systems and incident services management.
Westpac has three coverage options for its wealth management services, among these are life insurance, investment management and asset accumulation. Its Wealth Management section designs, creates, assists products that will empower clients to protect, manage and augment their wealth. In addition, Westpac offers discount broking and superannuation. For fund managers and institutional clients, settlement sand custody services are also available as options.
Another Westpac arm is the WIB or the Westpac Institutional Bank. It offers financial assistance to institutional and corporate customers through helpful and sound counseling on risk, market, capital, funding and cash management.
These products and services are results of constant innovation and thorough analysis. The company is able to carry out these products effectively in all its markets. But Westpac Bank locations are not only concentrated in Sydney. Westpac also has a strong lead in New Zealand’ banking market, in fact, it’s the biggest bank in the country serving over 30,000 Zealanders, satisfying 3000 shareholders and operating over 190 branches.
Westpac Migrant Banking enables migrating clients who are moving to Australia or New Zealand to open a bank account even before they arrive in their destination by implementing a user-convenient account application process. What’s great is that it’s adding mortgage and credit card applications before the migrant’s arrival.
Westpac’s earliest roots can be traced back to 1817 with the founding of the Bank of New South Wales in Sydney. It’s origins in New Zealand date back to the year 1861 in the advent of the Otago gold rush. The Bank of New South Wales had many mergers in the course of its operation. In 1974, Westpac, The Bank of New Zealand, Bank of Hawii and the Bank of Tonga consolidated. The Westpac Banking Corporation was formed in the year 1982.
Westpac today now operates in Tasmania, Papua New Guinea, Fiji, Western Australia, South Australia, New Zealand, Victoria and in Brisbane. Check out the Westpac Bank online and review their wide array of financial products and services.