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What is Westpac?

What is Westpac?

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Date Published : Monday, February 11, 2008

The nation's oldest financial institution, Westpac has been through some tough times recently, but still maintains its position as one of the major players in the Australian financial industry.

Beginning life as the Bank of NSW in 1817, the bank merged with the Commonwealth Bank of Australia (not to be confused with the Commonwealth Bank) in 1975 and took on the name of Westpac - a shortened version of Western Pacific, where it is a major player.

Westpac is currently the fourth largest financial institution in Australia - behind ANZ, Commonwealth Bank and the National Australia Bank - and has been named has been named as the most sustainable bank in the world for the past five years by the Dow Jones Sustainability Index.

Among its products and services, Westpac provides business and customer banking, superannuation funds, investment opportunities and a wealth management division named BT Financial Group.

Westpac is headquartered in Sydney and has substantial market presence around Australia, New Zealand and Indonesia.

On opening its first branch in Shanghai, Westpac general manager Yogan Rasanayakam said: "Given the deep trading links between China, Australia and New Zealand, it makes good business sense for Westpac to establish a branch in the financial capital of China.

"In particular it will assist customers who are benefiting from China's demand for Australia's resources and New Zealand's agricultural products."

Along with global assets of $300 billion at the end of 2006, 290,000 people - mainly customers - are shareholders in the firm.

Australian savings accounts compared and reviewed.
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