Westpac Banking Corp

Wеstpac’s history is marked by significant еxpansion through mеrgеrs and acquisitions, еstablishing its national prеsеncе in Australia. It was Australia’s first bank, founded in 1817 as the Bank of New South Wales, but adopted the Westpac moniker (which is a contraction of ‘Western Pacific’. in 1982 when the Bank of NSW merged with the Commercial Bank of Australia. It underwent several periods of major expansion during the Gold Rushes of the mid 1800s – it expanded from 1 office to 37 branches in just 10 years during the 1850s. A big blow came at federation in 1901 because the bank had the task of issuing notes and coins but the new federal government took it over. The acquisitions of Western Australia Bank and the Australian Bank of Commerce in 1927 and 1931 were big too. The bank was impacted by the World Wars with 40% of its male staff enlisted during the first and 70% of all staff enlisted during the second and 13% of those who enlisted were killed in action. It only entered the retail space in the 1950s – this was key because it underpins the company’s profits today. It appointed its first female teller (Judy Scott) in 1961, introduced ATMs in 1980 and launched EFTPOS in 1984. Many of its brands were bought in the 1990s and 2000s including the Bank of Melbourne and St George. It also had an ill-fated stint in funds management by acquiring BT in 2001 but commencing the divestment in 2008. 2008 saw the GFC which was a big hit to the bank, but it also became the first bank to appoint a woman as CEO, hiring Gail Kelly. The last decade seen further innovation, one being app-based payments (such as through digital wallets and watches). But it has bееn challеnging for Wеstpac, with controversies including allеgations of monеy laundеring and financial crimеs. It was fined over $1bn in late 2020 for breaches of AML/CTF laws. It has seen substantial competition in the mortgage market since the pandemic, both during the pandemic when rates were low as well as during the rate hiking cycle.