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The Westpac Banking Corporation, which ranks as the fourth among the largest banks in Australia, is regarded as the country's first and oldest bank. The bank was founded in 1817 and was first known as the Bank of New South Wales before its name was altered into Westpac in 1982.

The bank, which was Australia's first financial establishment, was founded through the charter signed by Governor Lachlan Macquarie in 1817 in order to introduce a secure commercial system in the country. John Thomas Campbell, the secretary of Macquarie, became the bank's first president and chairman of the board. The bank started its operations on April 8, 1817 in Sydney.

The bank faced its own share of challenges in the 1820s. This began when the chief cashier of the bank, Francis Williams, stole half of the subscribed capital which was never recovered. Aside from this, the bank was also affected by the quarrel between Macquarie and his political freemen adversaries, who disagreed to his policy of appointing ex-convicts for positions in the bank. Because of this, the bank was nicknamed as “the convicts' bank.” However, the bank soon became more popularly known as the “people's bank” due to the support of commoners such as farmers, bakers, and gardeners. Another hurdle surfaced when the Bank of Australia emerged in 1826, which became the competition. However, this bank's resources was depleted in 1843 due to over-lending. The Bank of New South Wales continued with its operations due to the support of the community and consistency in the discipline of the management.

On November 14, 1850, the bank established its first branch in Brisbane, responding to the so-called “gold fever” which surfaced upon the discovery of gold in the New South Wales. The bank also had an office situated in Sydney during this period which soon branched throughout Australia and New Zealand in 1861 with 37 offices. During this period, the bank became known as the “pioneer bank”, as the bank's young officers struggled to establish the earliest forms of gold-buying agencies, often operating in makeshift offices of tents and huts.

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

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 8.2 million customers through five major business areas:

1. Business and Consumer Banking covers transaction accounts, deposit taking, credit cards, as well as other forms of lending services for businesses. Through this division, the bank also offers home loans, small to medium business loans, superannuation, investment, and life insurance products.
2. BT Financial Group Australia covers asset accumulation, life insurance operations, and investment management in the country. Products offered under this division include managed investments or mutual funds, superannuations or pensions, income protection, life insurance, discount securities broking, and margin lending.
3. Westpac Institutional Bank (WIB) assists various companies by providing advice regarding cash, capital, market risk, and funding management, as well as providing financial services for corporations and institutions.
4. New Zealand Retail, which serves as the banker of New Zealand, also presents a wide array of banking services such as commercial and retail services to small and medium entrepreneurs in the country.
5. Pacific Banking covers loans, deposits, international trade facilities, and transaction account, for personal and business needs in seven countries of the South Pacific.

Aside from these key services, the Westpac Banking Corporation also has the Westpac Migrant Banking, where banking services and facilities are made available for those who wish to migrate to either Australia or New Zealand. Migrants can open a bank account before they arrive in the country through the bank's easy process of opening new accounts. Also, mortgages and credit card applications can be approved prior to the migrant's arrival.

Another important feature offered by the Westpac Banking Corporation is the Global ATM Alliance, which is a joint project of several big 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 practices, employee practices, care for the environment, supply chain management, and community involvement. Through these areas of concern, the bank was able to enter in partnerships addressing health, indigenous communities, environment, education, rescue services, and community-building. Westpac Banking Corporation also shares its rich banking history to the community by inviting tourists and locals to visit the Westpac Museum in New South Wales.

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. The bank has come up with the Financial First Steps program, a course which teaches young people the basics of money management.

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 tops ranks in the Corporate Responsibility Index and Oekom Corporate Responsibility Rating. Westpac Banking Corporation is also listed among the Global 100 Most Sustainable Corporations in the 2006 World Economic Forum, declared as the Australian Sustainable Company of the Year in 2005, and is the Overall Gold Award Winner at the 2007 Banksia Environmental Foundation Awards.

Australia's first and oldest bank is certainly one of the country's mirrors of successful banking traditions. To this day, the Westpac Banking Corporation continues to live up to its established values of integrity, confidence, trust, and commitment to customers and the community by offering only the best banking services and projects tested by time.