Westpac Banking Corporation (Westpac) was established in 1817 as the first bank in Australia. The bank started business operations under the name of Bank of New South Wales with a single office in Sydney. In 1982, the company changed its name to Westpac. In 2008, Westpac merged with St. George.
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Nowadays Westpac has branches and offices in Australia, New Zealand, in the Pacific Region as well as in global key financial centers as New York, London, Singapore and Hong Kong.
The group employs around 39,000 people globally and serves 11.8 million customers. At the end of 2010 the bank had the asset value of $ 69.5 billion.
The group has 5 customer facing divisions: Westpac Retail & Business Banking (Westpac RBB), St.George Bank, BT Financial Group Australia (BTFG), Westpac Institutional Bank (WIB) and New Zealand Banking.
Westpac provides a comprehensive range of personal banking products, including: current and saving accounts, student and youth accounts, home loans for first time buyers and for property investors, personal loans and credit cards, a selection of insurances and investment products.
A line of products and services addressed to business customers covers: cahsflow management solutions (making & receiving payments, cash shortfall covers), business funding, taxes management, merchant services, Westpac credit cards, insurances and others.
Corporate organizations are offered loans, bonds, securities, international trade services, foreign exchange and commodities and a range of investment solutions.
Westpac is listed on Australian stock exchange and has over 550,000 shareholders and is also the owner of St. George Bank and Bank of Melbourne.