Westpac Banking (WBC)

Shares / Stock Code

WBC

Stock Exchange / Sharemarket

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Formerly called the Bank of New South Wales, Westpac Banking Corporation (WBC) is one of the four largest and principal banks in Australia. It provides a variety of financial and banking services including institutional and commercial banking services, wealth management services, and retail services in Australia and New Zealand markets. WBC was listed on the Australian Stock Exchange on the 18th of July 1970. Its average annual revenue reaches approximately $22 billion out of its issued capital of $5 billion. Its headquarters is located in Sydney, Australia. Westpac Banking Corporation operates mainly in five business segments: BT Financial Group segment, Business and Consumer Banking segment, Institutional Bank, New Zealand Retail segment and other segment.

The Financial Group segment is in charge of managing the wealth management business of Westpac Banking Corporation. This segment focuses on the financial products designs and servicing and these products include mutual funds or managed investments, pensions or business superannuation, income protection, life insurance, margin lending, discount securities broking, portfolio management, client portfolio administration platforms, and the administration of corporate superannuation.

The business and consumer banking segment is focused on providing retail banking services to small to medium-sized business customers as well as qualified individuals in Australia. The services this segment provides include checking and savings accounts, credit cards, demand and term deposits, housing loans and residential and personal mortgages.

The Institutional banking segment of Westpac Banking Corporation is engaged in offering financial services and products to institutions, government and corporations. The services this segment provides are interest rate, foreign exchange, commodities and equity derivatives, debt and hybrid securities as well as trade finance.

The New Zealand retail segment is engaged in providing a variety of commercial banking and wealth management services as well as retail banking services.

The other segment of Westpac Banking Corporation includes providing the business technology solutions results, Pacific banking, group treasury and head office functions.

Westpac Banking Corporation (WBC) Company History

Westpac Banking Corporation (WBC) is the first to be established as a financial institution in Australia in 1817. Their first and former name was Bank of New South Wales which was incorporated in 1850. The company then having a partnership in 1982 with Commercial Bank of the Australia had formed the name Westpac Banking Corporation.

Beginning to plan an expansion, Westpac got linked with Challenge Bank located in Western Australia in 1995. A year after, it linked with Trust Bank New Zealand and in 1997, it linked with Bank of Melbourne located in Victoria.

The shares owned by the company from Australian Guarantee Corporation (AGC) was transferred to GE Capital. The company's wealth management capabilities started to develop after producing a link between the Rothschild Australia Asset Management and the BT Funds Management and then merging all of the on hand wealth management business that they own and formed the BT Financial Group company. This is the biggest step for the company's position in the industry of banking from the New Zealand to Australia.

Airport Link Company (ALC) sold a part of shares to the merged companies, the Capital partners and Westpac Essential Services Trust back in March 2007.