Recent events
Recent events tied to this brand in public sources.
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2020
Westpac appoints Peter King as CEO
Westpac announced the appointment of acting CEO Peter King as its chief executive officer; King agreed to take the role for two years.
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.
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.
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.
2019
Peter King to become Westpac acting CEO
Westpac CFO Peter King was named to take over as acting CEO effective December 2, following the announced departure of Brian Hartzer.
2019
Westpac announces CEO and chairman departures
Westpac announced that CEO Brian Hartzer would step down on December 2 and be replaced on an interim basis by CFO Peter King. Chairman Lindsay Maxsted said he would not seek re-election and would retire in the first half of 2020. The article reports that AUSTRAC accused Westpac of alleged money-laundering-law breaches and failures to monitor payments potentially linked to child exploitation; the allegations are not presented as a final determination.
2019
Westpac CEO Brian Hartzer steps down
Westpac said CEO Brian Hartzer was stepping down after regulators accused the bank of breaches of money-laundering rules. Hartzer said he accepted ultimate accountability for what happened at the bank.
2019
Westpac announces CEO succession
Westpac CEO Brian Hartzer announced that he would step down, and CFO Peter King would become acting CEO effective December 2. The article reports the change amid the AUSTRAC scandal and says the board accepted the gravity of the issues raised by AUSTRAC.
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.
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.
2019
AUSTRAC alleges Westpac anti-money-laundering violations and seeks penalties
AUSTRAC alleged in a court filing that Westpac's regulatory failures led to serious systemic breaches of anti-money-laundering laws and proposed penalties of up to A$21 million for each transaction that was inadequately monitored or not reported on time. The supplied text reports allegations and proposed penalties, not a final determination.
2019
The Australian announces podcast series with Westpac
The Australian announced a new podcast series, On The Fence, in partnership with Westpac.
2019
Westpac launches Broker Academy
Westpac Group launched Broker Academy, an online learning and business knowledge platform for finance brokers, developed with GO1.com and in consultation with CAFBA and ISM. The portal connects brokers with up to 5,000 CPD-approved courses.
2015
Fidelity Life acquired Westpac's New Zealand life insurance business
Westpac sold its New Zealand life insurance business to local insurer Fidelity Life for $400 million. Westpac would refer potential life insurance customers to Fidelity Life for the next 15 years.