westpac bank

Westpac Bank

Established in 1817 as the bank of New South Wales, Westpac is Australia’s first bank as well as its first company.

The bank’s first branch was opened at Moreton Bay in Brisbane on November 14th 1850 and by 1861 it had expanded to a network of 37 branches in Australia and New Zealand.

The Bank of New South Wales merged with the Commercial Bank of Australia Ltd in 1982 and one result of that merger saw the new business changing its name to Westpac Banking Corporation, shortened from Western Pacific.

As part of one of the largest financial services providers in Australia, Westpac offers personal and business as well as corporate banking solutions.

For individuals Westpac provides services such as:

• Home loans (First home buyers, refinancing loans, upgrade or renovation loans, investing in properties)
• Secured personal loans (to finance new or used vehicle purchases, boat and marine finance)
• Unsecured personal loans (home renovations, education, holidays, f. ex.)
• Personal Overdrafts (line of credit for amounts from $250 - $25,000)
• Credit cards
• Bank accounts (Savings and day-to-day accounts, term deposits)
• Investments & Superannuation (Structured Investments, retirement, insurances)
• Insurance (Home, contents & personal insurance, landlord’s protection, home removal and credit card repayment insurance, car, travel, life & income insurance)
• International financial services (overseas payments, travel cheques and foreign currency)

Westpac also provides a range of services geared towards the needs of businesses which include:

• Accounts & services (Bank accounts, day-to-day transaction solutions, payroll services)
• Loans & leasing (Long & short term finance, equipment & insurance finance, credit check
reports)
• Credit cards
• Merchant services (EFTPOS solutions)
• Superannuation (options for medium or large businesses as well as for individuals)
• Insurance (Property, theft & money, business interruption, employee dishonesty, glass, f. ex.)

As far as corporate banking goes, Westpac offers services such as:

• Industry expertise (For financial markets, debt capital markets and transactional banking)
• Financial markets (Foreign exchange, commodities, fixed interest / debt securities)
• Capital (Equity, quasi-equity (hybrid funding), bonds, loans)
• Transaction services (receivables & payables, institutional services, electronic procurement)
• International (Import & export services, risk management, overseas cash flow management)
• Investments (Structured & managed investments, corporate superannuation)
• Commercial cards (Purchasing & corporate cards catering for business to business purchases and travel & entertainment expenses, respectively)

Standard & Poor’s sets the Westpac Banking Corporation’s credit rating at A / -- /-- for local currency.