Westpac Statistics

Westpac is one of the key financial institutions in the Australia-New Zealand region. We examined its market presence, customer base, performance, and growth through mergers and acquisitions, which have shaped its path as a major player in the banking sector.

With assets totalling $1,029 billion and a 19% market share in New Zealand, Westpac underscores its dominance in these regions and highlights the competitive dynamics within Australia's Big Four banks.

Market share

The four main banks in Australia, also known as the Big Four, hold a commanding share of the country's banking sector, a staggering 75%. (Statista)

• Westpac Banking Corporation: Around 11.6% market share.
• Commonwealth Bank of Australia (CBA): Largest market share, around 14.3%.
• National Australia Bank (NAB): Holds roughly 9.8% of the market.
• Australia and New Zealand Banking Group (ANZ): Market share around 8.8%

Westpac has 1,029 billion dollars of assets and ranked last among Australia's Big Four banks by total assets in FY 23. (Statista)

Its influence extends beyond Australia's borders, as Westpac stands tall among New Zealand's four largest banks, with 19% market share in total assets by the end of June 2023. (Fitch)

Peter King was appointed Westpac Group Chief Executive Officer in April 2020, after holding the role on an acting basis between December 2019 and March 2020. (Westpac)

Westpac has been headquartered at 275 Kent St, in Sydney, since 2006. (Wikipedia)

In 2022, Westpac had just over 800 branches across Australia. However, it announced plans to merge over 100 branches in the coming 18 months. (9News)

As of 2023, Westpac had 13 million customers worldwide and employed around 36,000 people. (Westpac)

7,000 fee-free ATMs dot the Australian landscape according to 2023 figures. (The New Daily)

History

• In a 1982 merger, Australian banking titans, the Bank of New South Wales (established 1817) and the Commercial Bank of Australia, combined to form Westpac Banking Corporation.
• The name, cleverly combining "Western" and "Pacific," signalled their ambition to dominate the Western Pacific region. (Wikipedia)

Acquisitions

Westpac has expanded its presence through notable acquisitions in various sectors, totalling over $17.5 billion.

• The St.George Group, which comprises St.George, Bank of Melbourne, and BankSA, merged with Westpac Group in 2008. (St.George)
• In a deal worth $1.45 billion, Westpac Group acquired Capital Finance Australia Limited (CFAL) and its corporate loan portfolio BOS International (BOSI) from Lloyds Banking Group in 2014. (Investor Daily)
• Westpac acquired the money management app MoneyBrilliant in 2021. (Fintech Futures)

Scandals

Not alone among the major banks in Australia, Westpac has also been the subject of some dodgy deals.

• Westpac was penalised $113 million after multiple ASIC legal actions for "widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management and insurance brands." — 2022 (ASIC)
• Westpac were ordered to pay a record fine over laundering breaches after they were found to have "failed to adequately report over 19 million international transactions." — 2020 (BBC)

Worldwide presence

Core markets

Westpac's core market is Australia and New Zealand (ANZ) where they have a strong branch network and a comprehensive suite of products for individuals and businesses.

Europe and North America

Westpac Institutional Bank caters to wholesale and institutional clients globally. They have offices in key financial centres including London, UK; New York, USA; and in several cities throughout Asia.

Pacific Islands

Westpac also has a presence in the Pacific Islands, supporting customers in that region. (Westpac)

Products and services

For individuals

• Bank accounts: Westpac offers everyday transaction accounts, savings accounts with bonus interest options, term deposits, and accounts tailored for students and seniors.
• Credit cards: Westpac provides a range of credit cards, including low rate cards, rewards cards with Qantas and Altitude points, travel cards, and balance transfer offers.
• Loans: Westpac offers home loans for buying or refinancing, personal loans, car loans, and lines of credit. They also provide first home buyer support and home loan offset accounts.
• Investments: Westpac offers investment products, including term deposits, managed funds, self-managed super fund (SMSF) solutions, and access to share trading through Westpac Online Investing.
• Insurance: Westpac provides insurance products, including home and contents insurance, car insurance, life insurance, income protection, and travel insurance.

For businesses

• Business transaction accounts: Westpac offers business transaction accounts, business savings accounts, and specialised business accounts for not-for-profit organisations and community groups.
• Business loans and finance: Westpac provides various financing options, including commercial property loans, business credit cards and charge cards, equipment finance, business overdrafts, and small business loans.
• Merchant services: Westpac offers merchant services, including EFTPOS terminals, online payment gateways, and contactless payment solutions for businesses to accept card payments.
• International banking: Westpac provides foreign exchange services, international trade finance, and global payment solutions for businesses involved in cross-border trade.
• Industry-specific solutions: Westpac offers tailored banking solutions for industries like healthcare, legal, and accounting professions, including financing and cash flow management tools.
• Risk management solutions: Westpac helps businesses manage financial risks, such as foreign exchange and interest rate fluctuations, through hedging and risk management products.

The statistics and research have been updated per the last updated date for freshness, accuracy, and comprehensiveness.