Westpac Banking Corporation
Type	Public (ASX:WBC)
Founded	1817
Headquarters	Sydney, Australia
Key people	David Morgan, CEO Leonard Davis, Chairman
Industry	Banking
Products	Banking
Revenue	$18.1 billion AUD (2004)
Employees	30,000
Slogan	none
Website	www.westpac.com.au

Westpac Banking Corporation ASX: WBC NZX: WBC, usually called Westpac, is the fourth largest bank in Australasia, after the National Australia Bank, Commonwealth Bank of Australia and ANZ and one of the largest banks in the South Pacific. The bank began life as the Bank of New South Wales in 1817 (making it the oldest bank in Australia), but after various mergers became Westpac in 1982. The name is derived from the fact its major operations are in the Western Pacific. Image File history File links Download high-resolution version (3019x588, 129 KB) Copyright © 2006 Westpac Banking Corporation ABN 33 007 457 141 * Westpac Banking Corporation ABN 33 007 457 141 * Westpac Financial Services Limited ABN 20 000 241 127 * Westpac Securities Limited ABN 39 087 924 221 * BT Funds Management... 1817 was a common year starting on Wednesday (see link for calendar). ... Image File history File links Flag_of_Australia. ... This article is about the metropolitan area in Australia. ... David Morgan is the current Chief Executive Officer of Westpac, one of Australias major banks. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... This article does not cite its references or sources. ... A chairman is the presiding officer of a meeting, organization, committee, or other deliberative body. ... For other uses, see Bank (disambiguation). ... For other uses, see Bank (disambiguation). ... Revenue is a U.S. business term for the amount of money that a company earns from its activities in a given period, mostly from sales of products and/or services to customers. ... ISO 4217 Code AUD User(s) Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island Inflation 4% (Australia only) Source Reserve Bank of Australia, June 2006 Subunit 1/100 cent Symbol $ or AUD Coins 5c, 10c, 20c, 50c , $1, $2 Banknotes $5, $10, $20, $50, $100 Central... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Employment is a contract between two parties, one being the employer and the other being the employee. ... Look up Slogan in Wiktionary, the free dictionary. ... This page as shown in the AOL 9. ... The Australian Stock Exchange (ASX) is the primary stock exchange in Australia. ... New Zealand Exchange Limited (NZX) is the successor to many decades of a New Zealand stock exchange run as a non-profit body. ... It has been suggested that this article or section be merged with Oceania. ... The National Australia Bank or nab (ASX: NAB, LSE: NAB, NYSE: NAB, TYO: 8637 ) colloquially the National or the NAB. The NAB is part of the NAB Group it is the largest bank in Australia and 28th largest in the world. ... The Commonwealth Bank of Australia (commonly just the Commonwealth Bank) is the second largest bank in Australia, after the National Australia Bank. ... The Australia and New Zealand Banking Group Limited (Australia and New Zealand Banking Group Limited; ASX: ANZ, NZX: ANZ, NYSE: ANZ), commonly called ANZ, is the third largest bank in Australia, after the National Australia Bank and the Commonwealth Bank. ... 1817 was a common year starting on Wednesday (see link for calendar). ... 1982 (MCMLXXXII) was a common year starting on Friday of the Gregorian calendar. ...

Core Business Activities

Westpac's core businesses consist of five main areas of business, through which it serves around 8.2 million customers. These five business areas are:

Business and Consumer Banking

This includes deposit taking, transaction accounts, credit cards and other lending. Westpac is a major home loan provider and also serves the financial needs of business customers with a turnover of up to $20 million. Investment, superannuation and general and life insurance products are also sold through the branch network. Bank of America branch in Porter Ranch, Los Angeles, California A branch, banking centre or financial centre is a retail location where a bank or financial institution offers a wide array of face to face service to its customers. ...

Wealth Management

This covers the asset accumulation, investment management and life insurance operations in Australia and New Zealand. Wealth Management designs, manufactures and services financial products to allow customers to create, manage and protect their wealth. It also includes managed investments, life insurance, superannuation and discount broking. There is also custody and settlement services to institutional customers and fund managers.

Westpac Institutional Bank (WIB)

This business offers financial services to the corporate and institutional customer base, helping and advising in the management of cash, funding, capital and market risk for enterprises and institutions in Australia and New Zealand.

New Zealand Retail

This unit offers a whole range of consumer and corporate services to clients throughout New Zealand. It is the dominant provider of banking services to small to medium business and is the banker of the New Zealand government.

Westpac Migrant Banking

This unit of both the Australian and New Zealand Bank offers banking facilities to those migrating to either New Zealand or Australia. Bank accounts for migrants can be opened before people arrive in the country using their easy account opening process. Credit cards and mortgages can even be approved before arrival. Westpac Migrant Banking also has a representative office in London where acccounts can be arranged, although the process allows this to be done remotely from any country.

Pacific Banking

Westpac commenced operations in Fiji in 1901 and Papua New Guinea in 1910. Westpac now operates in seven south Pacific nations. This unit is headquartered in Sydney, Australia, and offers a wide range of financial service, including electonic banking (via online banking, ATMs and EFTPOS), deposit, loan, transaction accounts and international trade facilities to personal and business customers through a vast network of branches.

Westpac Fiji

Westpac Fiji is Westpac's Fijian operation. It is one of the largest banks in the country with a 40% market share.

History

In 1817, the Bank of New South Wales was founded in Sydney as the first bank in Australia. Throughout the 19th and early 20th century, the Bank opened branches throughout Oceania, at Moreton Bay (Brisbane) in 1850, then in Victoria (1851), New Zealand (1861), South Australia (1877), Western Australia (1883), Fiji (1901), Papua New Guinea (1910) and Tasmania (1910). 1817 was a common year starting on Wednesday (see link for calendar). ... Moreton Bay from space, from a NASA photograph Moreton Bay is a large bay on the eastern coast of Australia 19 km from Brisbane, Queensland. ... Brisbane (pronounced ) is the capital and most populous city of the Australian state of Queensland, and is the third largest city in Australia, with a population of just under 2. ... 1850 was a common year starting on Tuesday (see link for calendar). ... Emblems: Pink heath (floral)Weedy Seadragon (Aquatic) helmeted honeyeater (bird) Leadbeaters possum (faunal) Motto: Peace and Prosperity Slogan or Nickname: Garden State, The Place To Be, On The Move Other Australian states and territories Capital Melbourne Government Const. ... 1851 (MDCCCLI) was a common year starting on Wednesday (see link for calendar) of the Gregorian calendar (or a common year starting on Friday of the 12-day-slower Julian calendar). ... 1861 is a common year starting on Tuesday. ... Emblems: Hairy Nosed Wombat (faunal); Leafy Seadragon (marine); Piping Shrike (bird: unofficial); Sturts Desert Pea (floral); Opal (gemstone) Motto: United for the Common Wealth Slogan or Nickname: Festival State Other Australian states and territories Capital Adelaide Government Const. ... 1877 (MDCCCLXXVII) was a common year starting on Monday (see link for calendar). ... Emblems: Floral - Kangaroo Paw (Anigozanthos manglesii); Mammal - Numbat (Myrmecobius fasciatus); Bird - Black Swan (Cygnus atratus) Motto: none Slogan or Nickname: Wildflower State Other Australian states and territories Capital Perth Government Const. ... 1883 (MDCCCLXXXIII) was a common year starting on Monday (see link for calendar). ... 1901 (MCMI) was a common year starting on Tuesday (see link for calendar) of the Gregorian calendar (or a common year starting on Wednesday of the 13-day-slower Julian calendar). ... 1910 (MCMX) was a common year starting on Saturday (see link for calendar) of the Gregorian calendar or a common year starting on Sunday of the 13-day slower Julian calendar. ... Emblems: Flora - Tasmanian Blue Gum; Mineral - Crocoite Motto: Ubertas et Fidelitas (Fertility and Faithfulness) Slogan or Nickname: The Apple Isle; Holiday Isle Other Australian states and territories Capital Hobart Government Const. ... 1910 (MCMX) was a common year starting on Saturday (see link for calendar) of the Gregorian calendar or a common year starting on Sunday of the 13-day slower Julian calendar. ...

• 1927: BNSW acquired the Western Australian Bank.
• 1931: It acquired the Australian Bank of Commerce, which had branches in both New South Wales and Queensland.
• 1942: BNSW suspended operations in Papua New Guinea as the Japanese Army captured many of the towns in which it had branches and agencies, and bombed Port Moresby. It resumed operations in 1946.
• 1970: It established a branch on Tarawa in Kiribati (ex-Gilbert Islands), which also took over the government savings bank.
• 1971: It established a branch in the New Hebrides. The next year HSBC and Commercial Bank of Australia (see below) also established branches.
• 1974: The Bank of New Zealand (20%), Westpac (20%), Bank of Hawaii (20%), and the Government of Tonga (40%) established The Bank of Tonga as a joint venture.
• 1975: It incorporated its local business in Papua New Guinea as Bank of New South Wales(PNG).
• 1977: BNSW formed a joint venture in Samoa with Bank of Hawaii, Pacific Commercial Bank, by buying into Pacific Savings and Loan Company (est. 1969), in which Bank of Hawaii had had an ownership interest since 1971.
• 1982: BNSW merged with Commercial Bank of Australia to form Westpac Banking Corporation.
• 1984: The original agreement between BNSW and the government in the Gilbert and Ellice Islands expired and Westpac and the government of Kiribati formed Bank of Kiribati as a 51%-49% joint venture. Bank of Kiribati also fulfilled the functions of a reserve or central bank.
• 1985: Westpac replaced Barclays Bank in the National Bank of Tuvalu (est. 1981) in Tuvalu (ex-Ellice Islands), taking 40% of the shares as well as a 10-year management contract.
• 1988: Westpac acquired the European Pacific Banking Corporation in the Cook Islands and a HSBC subsidiary, the Solomon Islands Banking Corporation, which HSBC had established as a branch in 1973. Westpac also acquired HSBC's operations in Fiji and the New Hebrides, and established a branch in Niue that is the only bank in that country. (HSBC had established its branch in Fiji only some 18 months earlier.
• 1990: Bank of New Zealand sold half its shares in Bank of Tonga to Westpac and half to Bank of Hawaii, giving each of them 30%. Westpac bought Banque Indosuez's operations in New Caledonia and Tahiti. (Banque de l'Indochine, which later merged into Banque Indosuez, had established itself in New Caledonia in 1888 and in Papeete, Tahiti in 1905. In both places Indochine functioned as the bank of issue until 1966-7.)
• 1992: Westpac recorded a 1.6 billion dollar loss, which at the time, was the largest loss for an Australian corporation.
• 1995: Westpac sold its shares in National Bank of Tuvalu to the government, which now wholly-owns the bank.
• 1995: Westpac merged with Challenge Bank in Western Australia
• 1996: Westpac Holdings NZ bought TrustBanks, a chain of regional banks owned by Community Trusts, for NZD1.2 billion to form NZ largest bank WestpacTrust. The bank had promised to keep the funding to Community Trusts flowing and to keep "Trust" in its name. However, Community Trust funding has slowed to a trickle, and in 2002 the bank quietly changed its name to Westpac. The merger of Westpac and Trustbank also saw the closure of many branches around New Zealand. In towns and cities where both Westpac and Trustbank existed branches were merged into a single branch, also many branches in rural areas and outer suburbs were closed down.
• 1997: Merged with Bank of Melbourne in Victoria with an estimated price tag of in excess of $1.4b (Australian Dollars), part of the merger secured the Bank of Melbourne name and emblems within Melbourne, Victoria, Australia.
• 1998: Westpac sold its operations in New Caledonia and Tahiti to Société Générale, which merged them with Société Générale Calédonienne de Banque (est. 1971) and Banque de Polynésie (est. 1973), respectively.
• 2001: The government of Kiribati sought to reduce Westpac's share in Bank of Kiribati from 51 to 49%, leading Westpac to sell its shares back to the government. Bank of Hawaii sold its interest in Pacific Commercial Bank (42.7%) to Westpac, which held an equal portion. Westpac offered Samoan investors, who held the remaining shares, the same price it had paid Bank of Hawaii. Westpac now owns 93.5% of Westpac Bank Samoa and Samoan companies and individuals own 6.5%. In Tonga, Bank of Hawaii sold its shares in Bank of Tonga to Westpac, giving Westpac 60% ownership of the bank.
• 2004: The Reserve Bank of New Zealand requires Westpac to incorporate its NZ branches network.

1927 (MCMXXVII) was a common year starting on Saturday (link will take you to calendar). ... 1931 (MCMXXXI) was a common year starting on Thursday (link is to a full 1931 calendar). ... 1942 (MCMXLII) was a common year starting on Thursday (the link is to a full 1942 calendar). ... Port Moresby town Port Moresby, (), population 255,000 (2000), is the capital of Papua New Guinea. ... 1970 (MCMLXX) was a common year starting on Thursday (the link is to a full 1970 calendar). ... Map of the Tarawa atoll For other uses, see Tarawa (disambiguation). ... 1971 (MCMLXXI) was a common year starting on Friday (the link is to a full 1971 calendar). ... The New Hebrides are an island group in the South Pacific that now form the nation of Vanuatu. ... 1974 (MCMLXXIV) was a common year starting on Tuesday. ... The Bank of New Zealand (BNZ) is one of New Zealands largest banks. ... 1975 (MCMLXXV) was a common year starting on Wednesday. ... For the album by Ash, see 1977 (album). ... 1982 (MCMLXXXII) was a common year starting on Friday of the Gregorian calendar. ... 1984 (MCMLXXXIV) was a leap year starting on Sunday of the Gregorian calendar. ... 1985 (MCMLXXXV) was a common year starting on Tuesday of the Gregorian calendar. ... Barclays Bank headquarters One Churchill Place, Canary Wharf Barclays plc (LSE: BARC, NYSE: BCS, TYO: 8642 ) is the fourth largest bank in the United Kingdom. ... 1988 (MCMLXXXVIII) was a leap year starting on Friday of the Gregorian calendar. ... HSBC Holdings plc (LSE: HSBA, SEHK: 005, NYSE: HBC, Euronext: HSBC, BSX: 1077223879) is one of the largest banking groups in the world, ranked the fifth-largest company and third-largest banking company in the world in Forbes Global 2000. ... This article is about the year. ... Bank of Hawaii is a regional commercial bank headquarted in Honolulu, Hawaii, owned by Bank of Hawaii Corporation (NYSE: BOH). ... Papeete Waterfront Papeete is the capital of French Polynesia, and is located on the island of Tahiti, which is part of the Society Islands, in French Polynesia. ... Map of French Polynesia Map of Tahiti and Moorea Tahiti is the largest island of French Polynesia, located in the archipelago of Society Islands in the southern Pacific Ocean at . ... 1905 (MCMV) was a common year starting on Sunday (see link for calendar). ... 1992 (MCMXCII) was a leap year starting on Wednesday. ... 1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ... 1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ... 1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ... The New Zealand dollar (ISO 4217: NZD, sometimes NZ$ and often informally known as the Kiwi dollar) is the official currency of New Zealand, the Cook Islands, Niue, Tokelau, and the Pitcairn Islands. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... Map of French Polynesia Map of Tahiti and Moorea Tahiti is the largest island of French Polynesia, located in the archipelago of Society Islands in the southern Pacific Ocean at . ... Société Générale (Euronext: GLE) is one of the main banks in France (one of the three oldest). ... 2001: A Space Odyssey. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...

See also

• Advertising by Westpac

Advertising by banking corporation Westpac. ...

Sources

• Narube, S. and B.T. Whiteside. 1985. “Financial Institutions and Markets in Fiji”. In M. T. Skully, ed. Financial Institutions and Markets in the Southwest Pacific. London: Macmillan Press.
• Tschoegl, A.E. 2005. Foreign Banks in the Pacific: A Note. Journal of Pacific History.

External links

• Westpac
• Westpac New Zealand