Westpac Business Plan

Westpac Business Plan-49
Westpac Migrant Banking has a representative office in London where accounts can be arranged, although the process can be done remotely from any country.Westpac planned to open a retail branch in London in 2011.Soon after, in August 2014, Westpac NZ announced that it would be releasing the world's first augmented bank app, which adds layers of functionality to the digital wallet by enabling users to check account balances, view previous spending behaviours, pay bills and locate their nearest Westpac NZ branch or ATM.

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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.

The Business Bank is responsible for sales and service of its small-to-medium enterprise, commercial and agribusiness customers in Australia, as well as asset and equipment finance and operates under the Westpac, St George Bank, Bank SA and Bank of Melbourne brands.

Business and corporate customers (businesses with facilities typically up to $150 million) are provided with a wide range of banking and financial products and services, including specialist advice for cash flow finance, trade finance, automotive and equipment finance, property finance, transaction banking and treasury services.

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.

It was established in 1817 as the Bank of New South Wales and on May 4, 1982 merged with the Commercial Bank of Australia (founded in 1866), becoming the Westpac Banking Corporation in October the same year.

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


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