Westpac Business Plan

Westpac Business Plan-89
Westpac Institutional Bank (WIB) delivers a broad range of financial services to commercial, corporate, institutional and government customers.WIB operates through dedicated industry relationship and specialist product teams, with expert knowledge In 1861 the Bank of New South Wales opened seven branches in New Zealand.Westpac Pacific Banking is a member of the Global Banking Alliance for Women, supporting initiatives in the Pacific to help women prosper and grow.

These five divisions serve more than 13 million customers.

Consumer Bank is responsible for sales and service of its 9 million consumer customers in Australia, assisting them with their everyday banking needs.

It was the first bank in New Zealand to actively bring HCE mobile payments to market and one of only a handful of banks globally to be using the innovative ‘digital wallet’ technology.

The three-month trial, using Carta Worldwide HCE technology, enabled customers to securely store and access credit and debit card information in a remote and hosted ‘cloud’ environment, enabling customers to use their Android smartphones as digital wallets.

The Westpac-backed firm has invested in start-ups like Brick X, Open Agent and Code Lingo.

Reinventure is mandated to invest independently of Westpac, unlike venture capital strategies led by other Australian banks.

During the 19th and early 20th century, the Bank opened branches first throughout Australia and Oceania: at Moreton Bay (Brisbane) in 1850; in Victoria in 1851; in New Zealand in 1861; in South Australia in 1877; in Western Australia in 1883; in Fiji in 1901; in Papua New Guinea in 1910; and in Tasmania in 1910.

The structure involves five key divisions including: Consumer Bank, Commercial and Business Bank, BT Financial Group, Westpac Institutional Bank and Westpac New Zealand.

Its name is a portmanteau of "Western" and "Pacific".

As of March 2018, Westpac has 14 million customers, and employs almost 40,000 people.

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