Westpac Banking Corporation provides various banking and financial services in Australia, New Zealand, and internationally. The company operates through Consumer, Business, Consumer and Business Banking, Westpac Institutional Bank, Specialist Businesses, and Westpac New Zealand segments. In addition, the company provides corporate and institutional, transaction banking, financial market, corporate and structured finance, canadian forex brokers trade and supply chain financing, and industry specific banking and treasury services, as well as online banking services. It serves individuals; small, and medium enterprises; commercial and agribusiness; and private wealth clients; and corporate, institutional, and government customers. The company was formerly known as Bank of New South Wales and changed its name to Westpac Banking Corporation in October 1982.
NSW wants fintechs to be part of the country’s largest bank contract
The consumer bank chief also also promises to extend a moratorium on regional branch closures until 2027. Westpac Banking Corp has pushed back the closures of its regional branches until at least 2027 and will invest more than A$150 million over the next two years to improve services at these branches, th… Australia’s Westpac Banking Corp reported a 16% drop in its first-half net profit on Monday as margins are squeezed by intense lending competition and higher costs. Fixed income traders say pre-hedging is “a gray area” riddled with inherent conflicts of interest. The current bank is the result of the merger and/or acquisition of a number of building societies and banks.
- The two banks were merged in 1984 and traded as the State Bank of South Australia, retaining the Government guarantee.
- Dividend yield shows how much a company pays its shareholders in dividends annually per dollar invested.
- Consumer Bank is responsible for sales and service of its 9 million consumer customers in Australia, assisting them with their everyday banking needs.
- The Business Bank brands include Westpac, St.George, Bank of Melbourne, BankSA brands and BT brands.
Westpac Banking Corp Company Profile
The Barchart Technical Opinion widget shows you today’s overally Barchart Opinion with general information on how to interpret the short and longer term signals. Unique to Barchart.com, Opinions analyzes a stock or commodity using 13 popular analytics in short-, medium- and long-term periods. Results are interpreted as buy, sell or hold signals, each with numeric ratings and summarized with an overall percentage buy or sell rating. After each calculation the program assigns a Buy, Sell, or Hold value with the study, depending on where the price lies in reference to the common interpretation of the study. For example, a price above its moving average is generally considered an upward trend or a buy. Dividend yield shows how much a company pays its shareholders in dividends annually per dollar invested.
About the company
Established in 1817 as the Bank of New South Wales, it acquired the Commercial Bank of Australia in 1981 before being renamed to Westpac Banking Corporation in 1982. Westpac is one of Australia’s Big Four banks, and is Australia’s first and oldest banking institution. In late 2010, Greg Bartlett announced that he would step down as chief executive officer in December after a long and successful tenure with the company. The Business Bank brands include Westpac, St.George, Bank of Melbourne, BankSA brands and BT brands. The Barchart Technical Opinion rating is a 88% Sell with a Strongest short term outlook on maintaining the current direction. On 31 January 2022, the Westpac Sponsored program of ADRS was de-listed from the New York Stock Exchange and the ticker symbol WBK is no longer available for trade on the NYSE.
Australian bank Westpac extends moratorium on regional branch closures till 2027
Westpac is finally showing it can compete effectively across all key segments, increasing its home loans, business loans, and deposits, in line or faster than market, and without resorting to undercutting peers on price. Home and business lending approval times have reduced, and more consistent service is supported by the bank’s net promoter score in the mortgage broker channel. Westpac Institutional Bank (WIB) delivers a broad range of financial services to commercial, corporate, institutional and government customers.
We provide a broad range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services. Sales and service activities for business and corporate customers are conducted by relationship managers via business banking centres, internet and customer service centre channels. Westpac operates in seven south Pacific nations; the unit is headquartered in Sydney. The financial services offered include electronic banking (via online banking, ATMs and EFTPOS), deposit, loan, transaction accounts and international trade facilities to personal and business customers. Westpac Institutional Bank services the financial needs of corporations, institutions, and government customers operating in Australia and New Zealand.
St.George shareholders received 1.31 Westpac shares for each St.George share and owned 28.1% of the new entity. In 1848, the Savings Bank of South Australia opened for business in Gawler Place, Adelaide, and the organisation which became the State Bank of South Australia opened in rural South Australia. The two banks were merged in 1984 and traded as the State Bank of South Australia, retaining the Government guarantee. After excessive insufficiently secured lending through the 1980s, the bank collapsed, and because of the guarantee, was bailed out by the State Government.
It reflects how much an investor will earn aside from any capital gains in the stock. Slow core earnings growth resurfaces because of low loan growth, margin compression, subdued wealth and markets income, lower banking fee income. The Australian bank said its first-half net profit fell by 16%, but it would return more capital to shareholders through an increased dividend and bigger share buyback. On 9 May 2008, Westpac and St.George released communications outlining an intention to merge,[8] which was approved by St.George shareholders on 13 November 2008, and upheld by the Australian Federal Court on 17 November 2008. Immediately following the court decision, Paul Fegan announced his resignation as CEO and managing director. Like Advance Bank, St.George has continued to run BankSA as a separate entity – it has 55 branches in metropolitan Adelaide, 66 in rural South Australia (totalling 121 overall in the state, more than any other bank in South Australia), four in the Northern Territory and one in Queensland.
The Business Bank is responsible for sales and service of its small-to-medium enterprise, commercial and agribusiness customers in Australia, as well as asset and equipment finance and operates under the Westpac, St George Bank, BankSA and Bank of Melbourne brands. Westpac Group’s portfolio of financial services brands and businesses is focused on our purpose which is creating better futures together. The Bank of Melbourne is a subsidiary of Westpac Banking Corporation, and was relaunched in August 2011.
Westpac Banking Corporation is an Australia-based company that provides banking and selected financial services, operating under multiple brands, and predominantly in Australia and New Zealand, with a small presence in Europe, North America and Asia. Its segments include Consumer, Business and Wealth, Westpac Institutional Bank (WIB), Westpac New Zealand and Group Businesses. Consumer segment provides a full range of banking products and services to customers in Australia through three lines of business consisting of mortgages, consumer finance and cash and transactional banking. Business and Wealth segment comprises business banking, wealth management, private wealth, Westpac Pacific and auto finance.
The division covers all consumer banking products and services under the Westpac, St George, BankSA, Bank of Melbourne and RAMS brands. The bank provides services primarily in New South Wales, but with growing representation across a number of industry and business segments in Queensland and Western Australia, and in Victoria before the relaunch of the Bank of Melbourne brand in July 2011 (also another division https://www.broker-review.org/ of Westpac). St.George also operates in South Australia and the Northern Territory under its subsidiary BankSA. The bank has a large number of retail branches and ATMs across Australia, and some back office operations in Bangalore, India. Westpac’s first-half fiscal 2024 cash profit of AUD 3.5 billion is largely as we expected, flat on second-half fiscal 2023 and down 8% on the previous corresponding period.
The WIB segment delivers a range of financial products and services to corporate, institutional and government customers. Westpac New Zealand segment provides banking, and wealth products and services for consumer, business and institutional customers in New Zealand. Westpac is Australia’s oldest bank and company, one of four major banking organisations in Australia and one of the largest banks in New Zealand.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. Westpac’s strong capital position allowed it to pay a 15¢ per share special dividend on top of its 75¢ interim payout. Customers are supported through operations in Australia, New Zealand, the US, the UK, and Asian centers.
The segment provides specialized service and advice in the areas of financial and debt capital markets, corporate and structured finance, and transaction banking. WIB customers are serviced through branches in Australia, New Zealand, the United Kingdom, Asia, the United States, Fiji, and Papua New Guinea. Westpac New Zealand offers a range of retail banking services, commercial banking, and insurance products to consumer, business and institutional customers.
The Business Bank provides banking and financial services and products to micro entities, small to medium enterprises and commercial businesses up to approximately $200 million. It also provides services to customers of high net worth under its Private Wealth division and distributes superannuation, investments and retirement products. The company has operations throughout Australia and New Zealand, as well as the Pacific Islands, Asia, Europe, and the US. Westpac employs approximately 37,480 full-time equivalent employees across its operations and is headquartered in Sydney. Consumer Bank is responsible for sales and service of its 9 million consumer customers in Australia, assisting them with their everyday banking needs.
In 1992 the bank was split into the «bad bank» with the non-performing debts, and the «good bank». In the 1990s, the headquarters moved to Montgomery Street, Kogarah, and in 1992, the society gained its banking licence, demutualised, and became a public company. IBISWorld provides profiles on thousands of leading enterprises across Australia and New Zealand, as well as reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on business and industry trends. Our expert reports are thoroughly researched, reliable and current, enabling you to make faster, better business decisions.
Chateanos