Westpac as the oldest financial institution in Australia operate their business widely. The company expands their core markets of Australia, New Zealand and Pacific around them, where provide a wide range of products and services that meet the needs of customers. Until now, the number of customer members arrived at 12 million customers. It is clear that Westpac would increase the position in financial market.
Table of Content
Executive summary 1
1. History 3
1.1 Acquisitions and merges 4
2. Products and Services 5
2.1 Personal products and services 5
2.2 Business Products and Services 5
2.3 Corporate Products and Services 6
3. Current State of Westpac 6
3.1 Financial Condition of Westpac 7
3.2 Performance on Balance…show more content…
In 2002, Westpac change its business strategy by selling consumer finance unit, Australian Guarantee Corporation, to GE Australia so that Westpac has the capital to strong its wealth management. Besides，the strategy also accompanied with the acquisitions of Rothschild Australia Asset Management Ltd , Parts of BT Financial Group and Hastings Funds Management Limited over the next 3 years (Pederson,2011).
The largest banking merger in Australia happened by Westpac merging with St. George Bank limited in 2008,which was dramatically decrease impact of the global recession on Westpac’s balance sheet. St. George Bank was one part of Westpac divisions. Furthermore, Westpac turned to be one of authorized deposit-taking institution (ADI) in 2010 (Westpac, n.d.).
2. Products and Services
According to the three different departments, Westpac group has divided customers into three types, including Australian Financial Services (AFS), Westpac Institutional Bank and Westpac New Zealand. This report focuses on the products and services of Westpac retail and business banking which belongs to a part of AFS. In addition, AFS also include St. George Banking Group and BT Financial Group (Westpac, n.d.).
For Westpac retail and business banking, products and services are distributed into three parts to face different targeting customers: personal, business, and corporate.
2.1 Personal products and services
For personal products