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Concept
Westpac
Summary
Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales.
Established in 1817 as the Bank of New South Wales, it acquired the Commercial Bank of Australia in 1981 before being renamed to Westpac Banking Corporation in 1982. Westpac is one of Australia's Big Four banks, and is Australia's first and oldest banking institution. Its name is a portmanteau of "Western" and "Pacific".
As of 2021, Westpac has 14 million customers worldwide, and employs around 40,000 people.
Established in Sydney in 1817, the Bank of New South Wales (BNSW) was the first bank in Australia. Edward Smith Hall was its first cashier and secretary. During the 19th and early 20th century, BNSW 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.
1927: BNSW acquires the Western Australian Bank.
1931: BNSW acquires the Australian Bank of Commerce
1968: BNSW joins the Databank Systems Limited consortium to provide joint data processing services.
1970: BNSW is listed on the Australian Securities Exchange on 18 July 1970.
1973: BNSW becomes the corporate sponsor of the Rescue Helicopter service started by Surf Life Saving Australia. The service is known today as the Westpac Life Saver Rescue Helicopter Service.
1974: The Bank of New Zealand (20%), BNSW (20%), Bank of Hawaii (20%), and the Government of Tonga (40%) establish the Bank of Tonga as a joint venture.
1975: BNSW incorporates its local business in Papua New Guinea as Bank of New South Wales (PNG).
1977: BNSW forms the Pacific Commercial Bank in Samoa as a joint venture with Bank of Hawaii, buying into Pacific Savings and Loan Company, in which Bank of Hawaii had had an ownership interest since 1971.
In 1982, Westpac was formed with the merger of the Bank of New South Wales and the Commercial Bank of Australia.
Official source
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