Overview

Westpac is an Australian multinational banking and financial-services group headquartered in Sydney. It traces its origins to the Bank of New South Wales, established in 1817, making it Australia's first and oldest continuously operating banking institution. The present Westpac brand was created in 1982 through the merger of the Bank of New South Wales and the Commercial Bank of Australia. The name combines references to the Western and Pacific regions and was intended to express the merged institution's broader regional ambitions. Westpac operates as one of Australia's Big Four banks alongside Commonwealth Bank, ANZ and National Australia Bank. Its Australian activities span consumer banking, mortgages, credit cards, deposits, payments, small-business banking, commercial lending, agribusiness, equipment finance and corporate banking. The group also operates several related Australian brands, including St.George, BankSA, Bank of Melbourne and RAMS. These brands allow Westpac to serve different geographic, customer and distribution segments while sharing much of the group's infrastructure and financial resources. The group has a substantial New Zealand business, Westpac New Zealand, which provides retail, business, corporate and institutional banking and serves as banker to the New Zealand government. Westpac also has a long history in Pacific island banking. Its regional activities have included operations or investments in Fiji, Papua New Guinea, Samoa, Tonga, Solomon Islands, Vanuatu, the Cook Islands and other Pacific jurisdictions. Institutional banking activities additionally connect the group with customers and markets in North America, Europe and Asia. Westpac's broader financial-services offering has included wealth management, superannuation, investment platforms, life and general insurance, lenders mortgage insurance, institutional markets, transaction banking, debt and capital-markets services, broking and specialised financing. BT has been the group's principal wealth-management brand, with products and platforms including Panorama, BT Wrap and Asgard. The group has also supported financial-technology investment through Reinventure, an independently managed venture-capital firm backed by Westpac. Westpac experienced a severe credit and earnings crisis in the early 1990s, recording a loss of approximately A$1.6 billion in 1992 and falling from Australia's largest to its third-largest bank. It later rebuilt its position through acquisitions and expansion, including Challenge Bank, Bank of Melbourne, Trust Bank in New Zealand, BT and the 2008 merger with St.George Bank. The St.George transaction substantially enlarged Westpac's Australian retail and business franchise and preserved St.George, BankSA and Bank of Melbourne as customer-facing brands. The group has also faced regulatory, conduct and reputational challenges. These include proceedings concerning benchmark-interest-rate trading, criticism of environmental financing, scrutiny of its use of emergency Federal Reserve funding during the global financial crisis, and a major anti-money-laundering and counter-terrorism-financing case brought by Australia's financial-intelligence regulator. The 2019 AUSTRAC case led to a record civil penalty and significant leadership changes. In response, Westpac has emphasized governance reform, risk controls, customer remediation and simplification of its operations. By 2025, Westpac reported serving approximately 13 million customers worldwide and employing about 35,000 people, according to the referenced encyclopedia material. Its contemporary strategy has included digital banking, capital efficiency, operational simplification and a more focused domestic and New Zealand banking footprint. The group remains a major listed Australian financial institution, although its physical branch network has contracted as customers have shifted toward online and mobile channels.

History

Westpac began as the Bank of New South Wales in 1817. Its establishment reflected the development of formal banking in the Australian colonies, and the institution subsequently became a major provider of finance to households, businesses and governments. In the nineteenth century it expanded beyond New South Wales, including into New Zealand, where its presence dates from 1861. The modern Westpac organization was created in 1982 when the Bank of New South Wales merged with the Commercial Bank of Australia. The new name, Westpac, combined the ideas of Western and Pacific reach. During the 1980s and 1990s the group expanded its Pacific footprint through investments, acquisitions and joint ventures. It participated in banking arrangements in Kiribati, Tuvalu, Fiji, the Solomon Islands, the Cook Islands, Tonga, Samoa, New Caledonia, Tahiti and other island markets. Some of these holdings were later sold or transferred to local governments or other banks. Westpac suffered a major setback during the early-1990s banking and property downturn. In 1992 it reported a loss of about A$1.6 billion, at that time the largest reported loss by an Australian corporation, and came close to insolvency. Its ranking among Australian banks fell sharply. The institution subsequently rebuilt through restructuring, improved credit performance and acquisitions. It acquired Challenge Bank in 1995, bought Bank of Melbourne in 1997, and expanded in New Zealand through the purchase of Trust Bank in 1996. The New Zealand operations were later branded WestpacTrust and then Westpac after a 2002 rebranding. The group expanded into wealth management through the acquisition of BT and Rothschild Australia Asset Management in 2002. In 2004 the Reserve Bank of New Zealand required Westpac to incorporate its New Zealand branch network locally, strengthening the operational separation of Westpac New Zealand. In 2008 Westpac agreed to merge with St.George Bank in a transaction valued in the source material at approximately A$19 billion. The merger was approved by St.George shareholders and the Federal Court and created a larger multi-brand retail and business banking group. St.George, BankSA and Bank of Melbourne continued to operate as recognizable brands, although parts of the branch network were later consolidated. During the global financial crisis, a Westpac-related entity accessed approximately US$1.09 billion in borrowing from the United States Federal Reserve. The information became public after later Federal Reserve disclosures and attracted attention because Westpac was not primarily a North American bank. The group also faced criticism over financing connected with coal mining in New Zealand and logging-related activity in the Solomon Islands, reflecting wider debate over banks' environmental and social responsibilities. The 2010s brought increased digitization, branch rationalization and regulatory scrutiny. ASIC proceedings concerning Australian benchmark-interest-rate trading concluded with a court-imposed penalty in 2018. In 2019 AUSTRAC commenced a much broader case alleging deficiencies in anti-money-laundering and counter-terrorism-financing controls, including failures involving international transfers and risks related to child exploitation. Westpac accepted a record A$1.3 billion civil penalty in 2020. The controversy resulted in senior leadership changes, including the succession from Brian Hartzer to Peter King. Westpac celebrated its bicentenary in 2017. Peter King led the group from 2020 until 2024, when Anthony Miller became chief executive. From 2015 to 2025 the group closed more than 400 branches across its Australian brands, although some closures represented consolidation of co-located branches. In 2024 it announced a regional branch-closure moratorium, initially through 2027. By 2025 Westpac remained a major listed Australian financial group serving retail, business, institutional, New Zealand and Pacific customers through physical and digital channels.

2024
Regional branch-closure moratorium announced
[1]Westpacen.wikipedia.org
Westpac announced a pause on regional branch closures through 2027.
2020
Record AUSTRAC penalty approved
[4]Federal Court approves record A$1.3 billion penalty against Westpacaustrac.gov.au
The Federal Court approved a A$1.3 billion civil penalty and Westpac underwent senior leadership changes.
2019
AUSTRAC proceedings commenced
[3]AUSTRAC commences civil penalty proceedings against Westpacaustrac.gov.au
AUSTRAC filed civil proceedings alleging extensive anti-money-laundering and counter-terrorism-financing failures.
2017
Bicentenary
[1]Westpacen.wikipedia.org
Westpac marked 200 years since the establishment of the Bank of New South Wales.
2008
St.George merger approved
[1]Westpacen.wikipedia.org
Westpac announced and completed the legal process for its merger with St.George Bank, creating a larger multi-brand banking group.
2002
BT wealth business acquired
[1]Westpacen.wikipedia.org
Westpac acquired BT and Rothschild Australia Asset Management, expanding its wealth-management activities.
1997
Bank of Melbourne acquired
[1]Westpacen.wikipedia.org
Westpac acquired Bank of Melbourne and retained its brand rights before later rebadging and subsequently relaunching the brand.
1995
Challenge Bank acquired
[1]Westpacen.wikipedia.org
Westpac acquired Challenge Bank and later transferred its Victorian assets to Bank of Melbourne.
1992
Major financial loss
[1]Westpacen.wikipedia.org
Westpac reported an approximately A$1.6 billion loss and came close to insolvency during the Australian banking crisis.
1982
Westpac Banking Corporation formed
[1]Westpacen.wikipedia.org
The Bank of New South Wales and Commercial Bank of Australia were merged under the Westpac name.
1981
Commercial Bank of Australia acquired
[1]Westpacen.wikipedia.org
The Bank of New South Wales acquired the Commercial Bank of Australia before the following year's merger and rebranding.
1861
Expansion into New Zealand
[1]Westpacen.wikipedia.org
The Bank of New South Wales opened branches in New Zealand, establishing the historical foundation of Westpac New Zealand.
1817
Bank of New South Wales established
[1]Westpacen.wikipedia.org
The institution that became Westpac was founded as the Bank of New South Wales, Australia's first and oldest banking institution.

Products and positioning

A long-established, full-service Australian banking group with major retail, business, institutional, New Zealand and Pacific operations.

Retail banking
Consumer Bank
Westpac's consumer-banking division provides everyday transaction accounts, deposits, home loans, personal lending, credit cards and payments. It serves customers through Westpac and associated brands including St.George, BankSA, Bank of Melbourne and RAMS, using branches, digital channels, call centres, ATMs and third-party distributors.
Business banking
Business Bank
The Business Bank serves small and medium-sized enterprises, commercial customers and agribusinesses. Its services include cash-flow lending, property finance, trade finance, transaction banking, treasury services and automotive or equipment finance, delivered through relationship managers and specialist business centres.
Institutional banking
Westpac Institutional Bank
Westpac Institutional Bank provides transactional banking, financial and debt-capital-markets services, specialised capital, broking, margin lending and alternative-investment solutions to corporate, institutional and government clients in Australia and selected international markets.
Retail, business and institutional banking · 1861
Westpac New Zealand
Westpac New Zealand is a separately incorporated full-service bank serving consumers, small and medium-sized businesses, corporate clients, institutions and the New Zealand government. It offers deposits, lending, payments, wealth and business services through branches and digital channels.
Wealth management · 2002
BT
BT is Westpac's wealth-management brand. Its activities have included investment funds, superannuation, managed accounts and investment platforms such as Panorama, BT Wrap and Asgard, together with insurance solutions and related advice or distribution capabilities.
Pacific banking
Westpac Pacific
Westpac Pacific provides personal and business customers in Pacific island markets with deposits, loans, transaction accounts, electronic banking, ATM and EFTPOS services, and international trade facilities. The business reflects Westpac's long-standing regional presence.

Controversies

2021
Westpac files proceedings against Forum Finance over alleged fraud
Westpac commenced proceedings in the Federal Court of Australia against Forum Finance after discovering a significant potential fraud. According to Westpac, the alleged fraud related to equipment leases arranged by Forum Finance and referred to Westpac's Institutional Bank. The proceedings followed the discovery of the potential fraud, and the bank described the matter as involving equipment leases arranged by Forum Finance and referred to its Institutional Bank.
Source
2021
Westpac subsidiaries to pay A$10.5 million over superannuation campaign
Westpac subsidiaries Westpac Securities and BT Funds Management will pay a total of $10.5 million for breaches related to a campaign that encouraged savers to transfer their superannuation and was found to have failed to act in customers’ best interests.
Source
2021
Federal Court orders Westpac subsidiaries to pay a $10.5 million penalty
The Federal Court of Australia ordered Westpac Securities Administration Limited and BT Funds Management Limited to pay a combined $10.5 million civil penalty after finding that they provided financial product advice to 14 customers without complying with applicable legal duties.
Source
2020
AUSTRAC considers additional allegations against Westpac
In a controversy noted in 2020, Westpac said that AUSTRAC, Australia's financial crime watchdog, had notified the lender that it may include additional allegations in its case against the bank. According to Westpac, the notification followed further examination of matters that included suspicious transactions involving 272 customers. The statement concerned the possibility of additional allegations in the existing case; no further details on the allegations, their outcome, or any amounts were provided in the source account.
Source
2020
ASIC investigates Westpac leaders over share sale
Australia’s corporate regulator is investigating current and former Westpac senior leaders over their approval of a $2.5 billion share sale to investors shortly before a separate regulator filed a lawsuit against the bank.
Source
2019
AUSTRAC anti-money-laundering and child-exploitation-risk case
AUSTRAC alleged failures in transaction reporting, customer due diligence and risk controls, including risks involving international transfers, child exploitation and terrorism financing. Westpac accepted a record A$1.3 billion civil penalty in 2020.
Source
2019
Federal Court fined Westpac $9.15 million over adviser misconduct
The Federal Court fined Westpac $9.15 million after finding that the bank failed to ensure its financial adviser acted efficiently, honestly and fairly. The court found the former employee contravened the Corporations Act 22 times.
Source
2019
Westpac outlines response to AUSTRAC claims
Westpac used its annual general meeting to outline its response to the AUSTRAC money-laundering scandal, including closing products, reporting outstanding historical files, recruiting 200 compliance and financial-crime staff, adding transaction monitoring, and establishing a Board Financial Crime Committee. The source describes claims and the bank’s response; it does not report a determination in this passage.
Source
2019
AUSTRAC sues Westpac over alleged compliance breaches
Australia’s financial intelligence unit sued Westpac, accusing the bank of 23 million breaches of anti-money-laundering and terrorist-financing laws and of indifference toward the use of its services by pedophiles. The allegations are not presented as a court determination.
Source
2019
Westpac orders independent review and apologizes over money-laundering breaches
Westpac chairman Lindsay Maxsted stood by CEO Brian Hartzer, ordered an independent review of the bank's money-laundering breaches, and said the board unreservedly apologized for material identified by the regulator.
Source

Marketing campaigns

2023Indigenous Voice referendum Yes campaign support
Australia
Westpac was among major ASX 20 companies supporting the campaign for a Yes vote in Australia's Indigenous Voice referendum.
Outcome. The referendum was unsuccessful; Westpac's support formed part of its public Indigenous-engagement position.
Source
2017Westpac bicentenary
Australia
Westpac used its 200th anniversary to emphasize its historical continuity from the Bank of New South Wales and its role in Australian communities and economic development.
Outcome. Brand heritage and institutional longevity were reinforced.
Source
Westpac Outstanding Women Awards
Papua New Guinea
Westpac has sponsored awards recognizing women making notable contributions across Papua New Guinea's economy and society.
Outcome. The program supports the bank's community and gender-inclusion positioning.
Source

Brand decisions

2024
Pause regional branch closuresStrategy
Background
Westpac and its related brands had reduced their physical networks as customers increasingly used digital banking, prompting concern about access in regional communities.
Action taken
The group announced a moratorium on regional branch closures until 2027.
Aftermath
The decision temporarily limited further regional-network reductions while leaving the broader shift toward digital distribution intact.
Source
2020
Governance and risk-control remediation after AUSTRAC caseStrategy
Background
The AUSTRAC proceedings exposed serious weaknesses in anti-money-laundering and counter-terrorism-financing controls.
Action taken
Westpac accepted a record civil penalty, changed senior leadership and undertook remediation of compliance, governance and reporting systems.
Aftermath
The bank faced continuing regulatory and reputational scrutiny while prioritizing risk management and operational simplification.
Civil penalty. A$1.3 billion (2020)
Source
2008
Merge with St.George BankM&A
Background
Westpac pursued a combination with Australia's fifth-largest bank during a period of financial-market stress and industry consolidation.
Action taken
Westpac announced a transaction valued at approximately A$19 billion; St.George shareholders and the Federal Court approved the merger.
Aftermath
The group gained a larger retail and business franchise and retained St.George-related brands, while later consolidating parts of the branch network.
Announced transaction value. approximately A$19 billion (2008)
Source
1982
Merge the Bank of New South Wales with the Commercial Bank of AustraliaM&A
Background
The two Australian banking institutions sought to combine their operations and create a broader Western Pacific financial group.
Action taken
The merged institution adopted the Westpac Banking Corporation name.
Aftermath
Westpac became one of Australia's major banking groups and expanded its regional identity.
Source

Recent events

2026.10.25
Reported2026.10.25
Westpac announces 250 job cuts[17]Westpac宣布裁减250个职位realestate.com.au
Westpac announced plans to cut 250 jobs before Christmas, saying it aimed to actively manage costs and investment.
Unconfirmed
Reported2026.10.22
Westpac workforce changes affect about 140 roles[18]Westpac人事调整影响约140个职位economictimes.indiatimes.com
About 140 roles were affected by workforce changes at Westpac as part of a broader organisational restructure. The Finance Sector Union said the changes were part of an accelerated rollout of AI, while a Westpac spokesperson said they were not related to AI.
2021.12.21
Reported2021.12.20
Westpac completes sale of vehicle finance businesses[19]Westpac完成出售车辆融资业务theadviser.com.au
Westpac completed the sale of its vehicle dealer finance and novated leasing businesses to Angle Finance. The business, which had a wholesale dealer loan book of approximately $1 billion in receivables, will operate as Angle Auto Finance.
Unconfirmed
Reported2021.12.10
Westpac reduces discount in share buyback offer[20]Westpac下调股票回购要约折扣afr.com
Westpac reduced the discount offered for shares in its off-market buyback and extended the timeframe of its $3.5 billion offer to help spur investor interest.
Unconfirmed
Westpac announces plan to acquire MoneyBrilliant[21]Westpac 宣布计划收购 MoneyBrilliantitnews.com.au
Westpac said it will acquire the MoneyBrilliant app from AMP and management shareholders. The deal was expected to be finalised in January 2022, subject to regulatory approval.
2021.11.28
Reported2021.11.28
Westpac launches its banking app for Android[22]Westpac推出安卓版银行应用itwire.com
Westpac launched its mobile banking app for Android, making the app available to Android customers with features including search and navigation tools, digital card security, and payments.
Unconfirmed
Westpac partners with IDCARE on regional cyber resilience clinics[23]Westpac与IDCARE合作开展区域网络韧性诊所项目miragenews.com
Westpac announced a partnership with IDCARE to support regional and rural Australians affected by scams. The partnership will help launch a Cyber Resilience Outreach Clinic Program involving 50 new hubs in regional and rural communities.
2021.08.24
Reported2021.08.24
Federal Court orders Westpac subsidiaries to pay a $10.5 million penalty[10]Federal Court orders Westpac subsidiaries to pay a $10.5 million penaltynine.com.au
The Federal Court of Australia ordered Westpac Securities Administration Limited and BT Funds Management Limited to pay a combined $10.5 million civil penalty after finding that they provided financial product advice to 14 customers without complying with applicable legal duties.
Unconfirmed
Reported2021.08.24
Westpac subsidiaries to pay A$10.5 million over superannuation campaign[9]Westpac subsidiaries to pay A$10.5 million over superannuation campaignafr.com
Westpac subsidiaries Westpac Securities and BT Funds Management will pay a total of $10.5 million for breaches related to a campaign that encouraged savers to transfer their superannuation and was found to have failed to act in customers’ best interests.
2021.08.09
Reported2021.08.09
Westpac and TAL enter a 20-year strategic alliance[24]Westpac与TAL建立为期20年的战略联盟international-adviser.com
As part of the Westpac life insurance business sale, Westpac and TAL agreed to a 20-year strategic alliance to provide life products to Westpac's Australian clients.