Westpac, formally known as Westpac Banking Corporation, is a Sydney-based Australian bank. It got its name from blending the words ‘Western’ and Pacific’, and it is one of the ‘Big Four’ Australian banks with more than 14million customers worldwide.
Founded in 1817 as the Bank of New South Wales, Westpac was the first bank to be established in Australia. By the early 1900s, the bank had opened branches right across the country and began acquisitions of other banking companies shortly afterwards.
Westpac has been named as the most sustainable bank by the Dow Jones Sustainability Index for four years in a row.
Nowadays, Westpac is divided into five key business divisions. These are:
Commercial and business banking
Westpac New Zealand
BT Financial Group
Westpac’s UK branch opened in 1853; it is the oldest surviving foreign bank in the UK and operates as part of the parent company’s Institutional Banking division.
Westpac Products and Services
As part of the institutional banking arm, Westpac in the UK serves customers in the government, corporate and institutional sectors working or interested in working in Australia and New Zealand. The bank works with customers working across media, health, banking, government, property, IT and energy.
Westpac works with Australian nationals living in the UK with their Australian banking needs and allows them to maintain their wealth. These clients are assigned a dedicated relationship manager who works to build bespoke financial solutions tailored to their needs.
The bank also helps clients looking to emigrate to Australia, helping them to open accounts prior to their moving date, and assigning a relationship manager to help them organise their finances.
In the UK Westpac is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.