Westpac Banking Corporation
From IntFX
See also: WBC for realtime information.
Westpac Banking Corporation is the Australia’s one of the oldest banking organization that provides several banking and financial services in Australia, New Zealand and Pacific region. The Bank has been voted the World’s most sustainable bank. Bank receive this honor fifth time in a row.
Westpac operates in five key areas of business, through which it has around seven million customers. These five areas of businesses are –
- Business and Consumer Banking – Involves in retail banking, home loan provider and other financial services to individuals and small to medium size business. This division has around $100 million turnover.
- BT Financial Group Australia (BTFG) – Involves in investment management, life insurance, wealth management designs, income protection, retirement planning etc.
- Westpac Institutional Bank (WIB) – Provides financial services to the corporate and institutional customer and advising in management of cash, funding and market risk.
- New Zealand Retail – Provides banking services in New Zealand and involves in retail, commercial and other financial services.
- Pacific Banking – Provides several financial services to the personal and business customer.
The Company merged with Challenge Bank in Western Australia in 1995, Trust Bank New Zealand in 1996, and Bank of Melbourne in Victoria in 1997
Westpac Group has more than 27,000 employees in Australia, New Zealand and around the world. Company has global assets of $300 billion. Westpac in among the top 10 companies listed in Australian Stock Exchange Limited, under the ticker of WBC. Company has about 290,000 shareholders.
[edit] History
Westpac Banking Corporation is Australia’s first and oldest bank. Company genesis started in 1817 as the bank of New South Wales with a single office in Macquarie place, Sydney. In 1982 company changed its name to Westpac. Till then company has grown and is top bank in the region.
[edit] Strategy
The Company is focusing on strong income growth and improving operational efficiency. Company has three key strategies: implementing good operational structure, investing in their growth businesses and opportunities, and future enhancement in productivity.
[edit] Financial and operational performance
The Company’s profit after tax was up 14% on last year to $3,071 million and earning per share was up 12% to $1.67 per share. Most of the company’s businesses achieved their target. Total dividend for 2006 is $1.16, an increase of 16% on 2005. Company is in good economic conditions in Australia. These positive conditions have continued to benefit the company.
