Westpac Banking Corp company profile

Overview

Westpac Banking Corporation is an Australian banking and financial-services company serving customers in Australia and New Zealand. Its core offerings include consumer banking, home lending, services for businesses and large corporates, and wealth services. Its principal reporting segments are Consumer, Business & Wealth, Institutional and Westpac New Zealand.[1][2]

Westpac describes its purpose as “creating better futures together.” [3] For the year ended 30 September 2025, it reported net operating income of A$22.464 billion and a workforce of about 35,000 employees; the company also reported serving 13 million customers.[2] [1]

Products & services

Westpac’s personal banking products include transaction and savings accounts, home loans, credit cards, personal loans, insurance, superannuation and investment services. Named accounts include Westpac Choice and Westpac Life; Life offers bonus interest subject to account conditions and up to six Savings Goals. Its home-loan range includes Flexi First Option, with unlimited extra repayments and redraw, and Rocket Repay, which supports up to 10 linked offset accounts. Credit-card offerings include Low Rate and Altitude Qantas cards. The Westpac App provides features such as spending insights, budgeting tools, a bills calendar, digital cards and Smart Search; PayID enables payments using a registered identifier.[5]

Business products include transaction accounts, lending, overdrafts, vehicle and equipment finance, and merchant payment services. Vehicle and equipment finance options include equipment loans, finance leases and hire purchase; merchant services include EFTPOS terminals and online payment acceptance. Corporate and institutional offerings include payments, receivables and cash management, financial markets services, corporate and structured finance, and trade and supply-chain finance. Trade finance includes short-term shipment finance in Australian dollars and major currencies, with terms of up to 180 days.[13]

In its 2026 half-year data, Westpac reported consumer deposits of A$379.0 billion, including A$48.4 billion in transaction accounts, A$189.3 billion in savings accounts, A$64.0 billion in term deposits and A$77.3 billion in mortgage offsets. Consumer housing loans totalled A$517.7 billion. Business and Wealth deposits were A$156.3 billion, and business lending was A$121.0 billion.[19][20] [19]

Geographic presence

Westpac’s principal operating markets are Australia and New Zealand, with Australia accounting for the majority of its lending. At 31 March 2026, gross loans were approximately A$783.3 billion in Australia, A$91.6 billion in New Zealand and A$15.3 billion in other overseas markets—about 88%, 10% and 2% of total gross loans, respectively.[21] In FY2025, New Zealand was reported as a distinct segment, with net operating income of A$2.814 billion.[22]

Westpac’s Australian consumer operations include the Westpac, St.George, BankSA and Bank of Melbourne brands; its New Zealand segment serves customers in that market. Its institutional operations extend through branches or subsidiaries in New Zealand, New York, London, Frankfurt and Singapore, while Westpac Pacific operates in Fiji and Papua New Guinea.[23][24] Westpac reported 35,000 people across its core Australia and New Zealand markets in its FY2025 highlights, without a country-level employee breakdown.[25] [21]

Business segments

Westpac’s FY25 reporting identifies four customer-facing business segments. **Consumer** serves Australian retail banking customers through mortgages, cards, personal loans, savings and deposits. **Business & Wealth** serves small and medium businesses, commercial and agribusiness customers, and includes Private Wealth, BT Financial Group wealth platforms and Westpac Pacific. **Institutional** serves corporate, institutional and government clients through Corporate & Institutional Banking, Global Transaction Services and Financial Markets. **New Zealand** provides consumer, business and institutional banking and wealth services in New Zealand.[23]

Based on FY25 segment net operating income before Notable Items, and the reported group total of A$22,464 million, the approximate contributions were Consumer **37.5%** (A$8,424 million), Business & Wealth **27.2%** (A$6,110 million), Institutional **17.0%** (A$3,808 million) and New Zealand **12.5%** (A$2,814 million). The results table separately reports Group Businesses at A$1,308 million, or **5.8%** of that total; it is an additional reporting column, not one of the four customer-facing segments.[22] [23]

Company history

Founded in Sydney in 1817 as the Bank of New South Wales, Westpac was Australia’s first bank. It was incorporated by an Act of the New South Wales Parliament in 1850, began operating in New Zealand in 1861, and opened its first Fiji branch in 1901.[26]

In October 1982, the Bank of New South Wales merged with the Commercial Bank of Australia and adopted the name Westpac Banking Corporation. Westpac expanded through acquisitions in the 1990s, including Challenge Bank in 1995, Trust Bank New Zealand in 1996, and Bank of Melbourne in 1997.[26]

Westpac’s merger with St.George was implemented on 1 December 2008, bringing the two banking groups together.[32] [26]

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Westpac Banking Corp