Monday, July 22nd 2019

WBC - Westpac

Westpac Banking Corporation (ASX: WBC) is an Australian bank and financial services company with 1,200 branches. It is Australia’s second-largest bank on many measures and one of the ‘big four’ Australian banks. It was first listed on the Australian Stock Exchange in 1970 as the Bank of New South Wales.

The Bank of New South Wales was established in 1817, and was Australia’s first bank. By 1910 it had branches in New Zealand, Fiji and Papua New Guinea, as well as in all five of Australia’s states. In 1982 it merged with the Commercial Bank of Australia to form the Westpac Banking Corporation. The name ‘Westpac’ was intended to indicate that the bank would be a significant bank in the Western Pacific region.

Westpac now operates in seven nations in the South Pacific, including New Zealand.

In 2008 the former CEO of the Australian bank St. George, Gail Kelly, became Westpac’s CEO. Later in the same year Westpac acquired St. George, at that time Australia’s 5th largest bank, for AUD$19 billion.

Profits were AUD$3.9 billion in 2008.

Westpac company headquarters are in Sydney, Australia.
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