Profile - Westpac
Parent Company: Westpac Banking Corporation
Brand Value: $9,306 Mil.
Headquarter City: Sydney
Year Formed: 1817, 1982
One of Australia’s “Big Four” banks, Westpac Banking Corporation (Westpac) as the third largest in Australia and New Zealand (in assets) offers banking and financial services to nearly 14 million customers across over 1400 branches with nearly 4,000 ATMs. Formed in 1817 as Bank of New South Wales, it assumed its current form in 1982 when it merged with the Commercial Bank of Australia retaining its “W” logo from “Wales” which it transformed into Westpac. Over the last 10 years, Westpac has well outperformed the ASX nearly doubling total shareholder return against the rest of the exchange. Westpac currently owns nearly AU$600 million in home and business loans, another AU$487 billion in customer deposits, and over AU$1 billion in life insurance. In 2017 the Company generated nearly $22 billion in revenues as it employed nearly 40,000 people while offering nearly the same number of hardship customers critical financial assistance.