Westpac was established in 1817 and changed its name to Westpac Banking Corporation in 1982. Westpac has a diverse portfolio of financial services brands and aims to use a customer centric approach to serve the needs of various stakeholders varying from small businesses, multi-national corporations, institutional and government clients.

Westpac comprises four key customer-facing divisions which operate under a portfolio of brands including Westpac, St.George, Bank of Melbourne, BankSA, BT and RAMS.

The four customer facing divisions include:

• Consumer: sales to consumer customers.
• Business: sales and service to micro, small to medium enterprises, commercial business and Private Wealth clients.
• Westpac Institutional Bank (WIB): delivers financial products and services to commercial, corporate, institutional and government customers with affiliation to Australia and New Zealand.
• Westpac New Zealand: Responsible for sales and service of banking, wealth and insurance products in New Zealand.

With regard to strategy, Westpac focuses on developing and building sustainable customer relationships, being a community leader, a place for people to work in and producing returns to stakeholders. Some key priorities include:

• Fix: Addressing pain points and shortcomings by improving risk management and culture.
• Simplify: An easier end to end process and rationalising products, to improve customer experience.
• Perform: Building customer loyalty and growth via service.

Additionally, Westpac is also involved in sustainable finance initiatives, covering areas such as product innovation, specialist insights and solutions. It is a founding signatory of the Principles of Responsible Banking which helps monitor banks’ strategy and practice with Sustainable Development Goals (SDG).

Some of the sustainable finance options at Westpac include:

• Green bonds, loans and sustainability bonds
• Sustainability linked loans
• Green tailored deposits
• Social finance

Purpose:

Westpac Group’s purpose is helping Australians Succeed. It’s what we do, who we are and why we come to work every day. What’s most important to us is understanding what success means to our customers and helping them get there.

There are various sources of funding, to ensure diversification across currency, geography and term. These include:

• Deposits
• Debt Issues
• Proceeds from sale of marketable securities
• Principal repayments on loans
• Interest Income
• Fee Income

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