Westpac

The Westpac Banking Corporation is Australia's first and oldest bank. The bank was founded in 1817 and was originally known as the Bank of New South Wales before its name was altered to Westpac in 1982.

The bank, which was Australia's first financial establishment, was born of an 1817 charter signed by Governor Lachlan Macquarie to introduce a secure commercial system in the fledgling colony. John Thomas Campbell, Macquarie's secretary, became the bank's first president and chairman of the board. The bank's first employee was Joseph Hyde Potts. He and 2 assistants served 1 customer during the first 4 hours of trading. As a porter and servant, Potts received a weekly ration from the King's stores and an annual salary of 25 pounds. Even then, Westpac was the peoples' bank.

In 1850, the bank established its first branch outside Sydney, in Brisbane, responding to the gold fever that gripped the colony. Pioneering 'Wales' men then rushed to establish make-shift tents and shanties in every new gold town. In little more than a decade the bank had 37 offices throughout Australia and New Zealand. Life on the goldfields for these trail-blazing bankers was tough. At the Bank of NSW Kiandra agency in the Snowy Mountains a visiting officer described the premises, "... to be a calico tent, built on the high side of the street...The young fellow was perched on a piece of bark which rested on two logs, a stream of water running under him; in fact right through the building..."

In 1901 the Bank of NSW made its first move into the Pacific and opened a branch at Suva, Fiji. Nine years later it opened a branch at Port Moresby becoming the first bank to operate in Papua.

In 1956, the Bank of NSW entered a field previously the monopoly of Government-owned institutions, when it commenced savings bank operations in January that year.

The Bank of NSW, in partnership with the Surf Life Saving Association, initiated the country's first civilian rescue and medical care helicopter service in 1973 - and today Westpac Life Saver helicopters are often still the first on the scene.

In 1982, the Bank of NSW merged with the Victorian-based Commercial Bank of Australia Ltd. Through this merger, the bank turned into the largest banking group in the country, and was renamed the Westpac Banking Corporation. Westpac is actually the abbreviated form of Western Pacific.

From 1993 to 1999, under the leadership of Robert (Bob) Joss, Westpac underwent a substantial rejuvenation program, which prompted a number of acquisitions in Australia and New Zealand to expand its retail footprint in markets where it was underweight, acquiring:

  • Challenge Bank Limited, Western Australia in 1995
  • Trust Bank New Zealand in 1996
  • Bank of Melbourne in 1997.

Westpac's sponsorship of the 2000 Olympic and Paralympic Games was seen by all to be a great success. The bank sent 15,000 customers to the games, employed 50 Olympic and Paralympic hopefuls and directly sponsored elite athletes such as Ian Thorpe, Susie O'Neill, Grant Hackett and Liz Weekes.

In 2002, the bank began a strategic reshaping commencing with the sale of Australian Guarantee Corporation Limited (AGC) to GE Australia. In the same year, Westpac began to expand its wealth management business, acquiring:

  • Rothschild Australia Asset Management
  • Parts of BT Financial Group
  • 51% of Hastings Funds Management Limited, moving to 100% ownership in 2005.

In December 2008, Westpac merged with the St.George Bank.

Today, Westpac Banking Corporation has affiliates and branches in the Pacific region and offices in major financial points across the globe. The bank currently serves approximately 10 million customers through 5 major business areas:

  • Westpac Retail and Business Banking
  • St.George Bank
  • BT Financial Group
  • Westpac Institutional Bank
  • Westpac New Zealand.

Aside from these key services, the bank also operates the Westpac Migrant Banking service, where banking services and facilities are made available for those who wish to migrate to either Australia or New Zealand. Migrants can not only open a bank account but, mortgages and credit card applications can all be approved prior to the migrant's arrival in the country.

Another important feature offered by the Westpac Banking Corporation is the Global ATM Alliance, which is a joint project of several international banks. Through this feature, customers can use their ATM cards or check cards in other banks that are members of the Global ATM Alliance without fees during their international travels.

Aside from their pledge to provide the best banking services to their customers, Westpac Banking Corporation is also committed to its principles of corporate responsibility. This includes areas of:

  • Ethics and governance
  • Customer and employee practices
  • Care for the environment
  • Supply chain management
  • Community involvement.

Through these areas of concern, the bank was able to enter into partnerships addressing health, indigenous communities, environment, education, rescue services and community-building.

In 2008 Westpac was the first Australian bank, and one of 10 founding signatories globally, to adopt the Equator Principles. Today, there are over 60 signatories, covering more than 80% of the global project-financing market.
In adopting the Principles, Westpac agreed to provide loans only for major projects whose sponsors can demonstrate their ability and willingness to comply with processes that ensure they are developed in a socially responsible manner, according to sound environmental management practices.

As a part of its commitment to the community, the Westpac Banking Corporation also assists consumers in the proper and productive management of their funds. To this end, the bank has established Westpac Assist, a team of specialists who take the time to understand the customers situation and find the best possible way to help control and manage any financial obligations with Westpac.

Westpac Assist can help customers find solutions for:

  • A missed monthly payment on your credit card
  • Making your contracted repayments on a home or personal loan
  • Alternative banking arrangements that may be better suited to your circumstances.

For its efforts to maintain quality banking services for the customers, and the commitment to corporate responsibility, the bank was given awards and recognitions that also serve as a measure of the bank's sustainability. These awards include:

Rated one of the Global 100 Most Sustainable Corporations for the 3rd year in a row at the World Economic Forum from 2006 to 2008
Awarded the Corporate Governance Award at the 8th Annual Australian Sustainability Awards in 2008
Awarded one of the world's most ethical companies by Ethisphere in 2008
Received the Equal Opportunity for Women in the Workplace's Employer of Choice for Women citation in 2008, for the 12th consecutive year.

A Small selection of the current Wesptac personal banking products include:

Wesptac Credit Cards

  • Westpac Altitude Credit Card
  • Westpac Earth Credit Card
  • Westpac Low Rate Credit Card
  • Westpac No Annual Fee MasterCard Credit Card
  • Westpac Holden MasterCard Credit Card
  • Westpac 55 Day MasterCard or Visa Credit Card
  • Westpac 55 Day Gold MasterCard or Visa Credit Card
  • Westpac Earth Gold Credit Card
  • Westpac Altitude Gold Credit Card
  • Westpac Earth Platinum Credit Card
  • Westpac Altitude Platinum Credit Card