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Westpac

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This article is about the bank. For the defunct airline, seeWestern Pacific Airlines.

Westpac Banking Corporation
Company typePublic company
IndustryBanking
Financial services
PredecessorBank of New South Wales
Commercial Bank of Australia
Founded8 April 1817(1817-04-08)(as the Bank of New South Wales)
4 May 1982(1982-05-04)(as Westpac Banking Corporation)
HeadquartersWestpac Place
Sydney, Australia
Area served
Worldwide
Key people
John McFarlane(Chairman)
Peter King (CEO)
ProductsFinance and insurance,consumer banking,corporate banking,investment banking,investment management,global wealth management,private equity,mortgages,credit cards
IncreaseA$21.65 billion (2023)[1]
IncreaseA$7.20 billion (2023)[1]
Total assetsIncreaseA$1.02 trillion (2023)[1]
Total equityIncreaseA$71.27 billion (2023)[1]
Number of employees
36,146 (2023)[1]
SubsidiariesBankSA,Bank of Melbourne,St.George Bank,RAMS,Westpac
Website

Westpac Banking Corporation,known simply asWestpac,is an Australianmultinationalbanking andfinancial servicescompany headquartered atWestpac Placein Sydney.[2]

Established in 1817 as theBank of New South Wales,it acquired theCommercial Bank of Australiain 1981 before being renamed to Westpac Banking Corporation in 1982. Westpac is one of Australia'sBig Four banks,and is Australia's first and oldest banking institution. Its name is aportmanteauof "Western" and "Pacific".

As of 2023, Westpac has 13 million customers worldwide, and employs around 36,000 people.[1]

In 2022, Westpac held the 53rd position in the "Top 1000 World Banks".

History

[edit]

Established inSydneyin 1817 under GovernorLachlan Macquarie,[3]the Bank of New South Wales (BNSW) was the first bank in Australia.Edward Smith Hallwas its first cashier and secretary.[4]During the 19th and early 20th century, BNSW opened branches first throughout Australia and Oceania: atMoreton 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.[citation needed]

Westpac is formed

[edit]

In 1982, Westpac was formed by the merger of the Bank of New South Wales and the Commercial Bank of Australia. The new name of Westpac Banking Corporation was derived from its mission to become a significantWestern Pacificbank with the name being a portmanteau of western pacific. The brandname incorporated the "W" which had been the logo of the Bank of New South Wales (popularly known as "the Wales" ).[5]

  • 1984: The original agreement between BNSW and the government in theGilbert and Ellice Islandsexpired and WBC and the government ofKiribatiformed the Bank of Kiribati as a 51–49% joint venture. Bank of Kiribati also fulfilled the functions of a reserve or central bank.
  • 1985: WBC replacedBarclaysin theNational Bank of Tuvalu(est. 1981) inTuvalu(ex-Ellice Islands), taking 40% of the shares as well as a 10-year management contract.
  • 1988: the firm acquired the European Pacific Banking Corporation in theCook Islandsand aHSBCsubsidiary, the Solomon Islands Banking Corporation, which HSBC had established as a branch in 1973. WBC also acquired HSBC's operations inFijiand theNew Hebrides,and established a branch inNiuethat is the only bank in that country. (HSBC had established its branch in Fiji only some 18 months earlier).
  • 1990:Bank of New Zealandsold half its shares in Bank of Tonga to WBC and half toBank of Hawaii,giving each of them 30%. WBC boughtBanque Indosuez's operations in New Caledonia and Tahiti. (Banque de l'Indochine,which later merged intoBanque Indosuez,had established itself inNew Caledoniain 1888 and inPapeete,Tahitiin 1905. In both places l'Indochine functioned as the bank of issue until 1966–1967.)
  • 1992: WBC recorded a 1.6 billion dollar loss, which at the time, was the largest loss for an Australian corporation. In the process the firm came close to insolvency, and slipped from being Australia's largest to third largest bank.[citation needed]
  • 1995: WBC sold its shares inNational Bank of Tuvaluto that country's government, which now wholly owns the bank.
  • 1995: WBC acquiredChallenge Bank.
  • 1996: WBC Holdings NZ boughtTrust Bank,a chain of regional banks owned byCommunity Trusts,forNZD1.2 billion to form NZ largest bank, WestpacTrust. The bank had promised to keep the funding to Community Trusts flowing and to keep "Trust" in its name. However, Community Trust funding slowed to a trickle, and in 2002 the bank launched a rebranding which included dropping the "Trust" from its name. The merger of WBC and Trustbank also saw the closure of many branches around New Zealand. In towns and cities where both WBC and Trustbank existed, the bank merged redundant branches into a single branch; also it closed many branches in rural areas and outer suburbs.
  • 1996: WBC sold Challenge Bank's Victorian assets to the Bank of Melbourne.
  • 1997: it acquiredBank of MelbourneinVictoria,paying an estimated price in excess of A$1.4 billion.[6]WBC retained the rights to the Bank of Melbourne name and logos, but in 2004 rebadged the branches as Westpac.[7]In 2011, Westpacrelaunchedthe brand.[8]
  • 1998: it sold its operations inNew CaledoniaandTahititoSociété Générale,which merged them withSociété Générale Calédonienne de Banque(est. 1971) andBanque de Polynésie(est. 1973), respectively.
  • 2001: The government of Kiribati sought to reduce Westpac's share in Bank of Kiribati from 51 to 49%, leading WBC to sell its shares back to the government. Bank of Hawaii sold its interest in Pacific Commercial Bank (42.7%) to Westpac, which held an equal portion. WBC offered Samoan investors, who held the remaining shares, the same price it had paid Bank of Hawaii. WBC now owns 93.5% of Westpac Bank Samoa and Samoan companies and individuals own 6.5%. In Tonga, Bank of Hawaii sold its shares in Bank of Tonga to Westpac, giving WBC 60% ownership of what is now Westpac Bank of Tonga.
  • 2002: WBC acquiredBTand Rothschild Australia Asset Management.[9]
  • 2004: TheReserve Bank of New Zealandrequired WBC to incorporate its NZ branches network. WBC sold its branch inNiuetoBank of South Pacific.
  • 2008: FormerSt George BankCEOGail Kellyappointed chief executive officer and managing director.[10][11]
  • 2008: WBC announced that it intended to merge with the 5th largest Australian bank,St George Bank,forA$19 billion.[12]The holders of about 95% of St George's shares voted in favor of the merger.
  • 2008: On 17 November, theFederal Court of Australiaapproved the merger of Westpac and St George.
  • 2011: During July, St George branches in the state of Victoria were rebadged asBank of Melbournebranches.
  • In early February 2012, Westpac announced plans to axe more than 400 domestic jobs and another 150 offshore jobs. This action was a response to much slower growth over the past several years and the desire to rationalize following Westpac's 2008 merger with St. George Bank.[13]
  • In 2014,Brian Hartzerwas named CEO of Westpac.[11]
  • 2017: WBC celebrated its 200th anniversary.
  • 2020: In April, Peter King was appointed CEO of Westpac, replacing Brian Hartzer.[14]

Core business activities

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The structure involves five key divisions including: Consumer Bank, Commercial and Business Bank, BT Financial Group, Westpac Institutional Bank and Westpac New Zealand. These five divisions serve more than 13 million customers.

Consumer Bank

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Consumer Bank is responsible for sales and service of its 9 million consumer customers in Australia, assisting them with their everyday banking needs. The division covers all consumer banking products and services under the Westpac, St George, BankSA, Bank of Melbourne and RAMS brands.

Activities are conducted through the Consumer Bank's nationwide network of 877 branches, third-party distributors, call centres, 1,637 ATMs, EFTPOS terminals and internet banking services.[15]

Business Bank

[edit]

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,BankSAandBank of Melbournebrands.

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. Sales and service activities for business and corporate customers are conducted by relationship managers via business banking centres, internet and customer service centre channels.

BT

[edit]

BTis the wealth management brand of the Westpac Group.

Funds Management operations include the manufacture and distribution of investment, superannuation products and investment platforms including Panorama, BT Wrap and Asgard. Insurance solutions[buzzword]cover the manufacturing and distribution of life, general and lenders mortgage insurance.

Westpac Institutional Bank

[edit]

Westpac Institutional Bank (WIB) delivers a broad range of financial services to commercial, corporate, institutional and government customers.

WIB operates through dedicated industry relationship and specialist product teams, with expert knowledge[citation needed]in transactional banking, financial and debt capital markets, specialized capital, margin lending, broking and alternative investment solutions.[buzzword]

Customers are supported through operations in Australia, New Zealand, the US, the UK, and Asian centers.

Westpac New Zealand

[edit]
Westpac NZ's head office, Takutai Square,Auckland

In 1861 the Bank of New South Wales opened seven branches in New Zealand. Currently, Westpac NZ offers a full-service with around 1.5 million customers, 3,000 shareholders and 197 branches nationwide. It is the dominant provider of banking services to small to medium business, corporate and institutional organizations, and is the banker of the New Zealand government.[16]As of June 2022, it is the third largest bank in New Zealand, with a market share of 19%.[17]

On 29 September 2006 theNew Zealand Commerce Commissionfined Westpac NZ$5.1 million for hidden foreign transaction fees, with most of the fine being reimbursement to affected customers, in the order of 12% of the fees actually charged. All other banks operating in New Zealand had either already been fined or were awaiting a court case.[18]

In October 2009, Westpac NZ was required to pay NZ$961 million to theInland Revenue Department (New Zealand)in avoided taxes.[19]

On 22 July 2014, the firm announced that it would pilot ahost card emulation(HCE) mobile payments technology to customers. It was the first bank in New Zealand to actively bring HCE mobile payments to market[20]and one of only a handful of banks globally to be using the innovative 'digital wallet' technology. The three-month trial, usingCarta WorldwideHCE technology, enabled customers to securely store and access credit and debit card information in a remote and hosted 'cloud' environment, enabling customers to use their Android smartphones as digital wallets. Soon after, in August 2014, Westpac NZ announced that it would be releasing the world's first augmented bank app,[21]which adds layers of functionality to the digital wallet by enabling users to check account balances, view previous spending behaviors, pay bills and locate their nearest Westpac NZ branch or ATM. The app is also viewable in a 3D format by supported devices.

Naming rights

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ATM Alliance

[edit]

Westpac is a member of theGlobal ATM Alliance,a joint venture of several major international banks that allows customers of the banks to use theirATMcard orcheck cardat another bank within the Global ATM Alliance with no fees when traveling internationally. Other participating banks areAllied Irish Banks(Ireland),Barclays(in the UK, Spain and parts of Africa),Bank of America(US),BNP Paribas(France),Ukrsibbank(Ukraine),Deutsche Bank(in Germany, Spain, Italy, Poland), andScotiabank(in Canada, Chile, Mexico among many other countries).[23][24]

Westpac Migrant Banking

[edit]

This unit of both the Australian and New Zealand Bank offers banking facilities to those migrating to either New Zealand or Australia. Bank accounts for migrants can be opened before people arrive in the country, and credit cards and mortgages can be approved before arrival. 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.[25]

Westpac Pacific

[edit]
Westpac branch inSuva,Fiji

Westpac operates in seven south Pacific nations; the unit is headquartered in Sydney. The financial services offered include electronic banking (via online banking, ATMs and EFTPOS), deposit, loan, transaction accounts and international trade facilities to personal and business customers. Westpac Fiji is Westpac's Fi gian operation. It is one of the largest banks in the country and has a 40% market share.

Westpac Outstanding Women Awards

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Westpac recognizes numerous professional women each year who are doing exceptional work in several sectors of the Papua New Guinea economy with theWestpac Outstanding Women Awards.

Banking Alliance for Women

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Westpac Pacific Banking is a member of theGlobal Banking Alliance for Women,supporting initiatives in the Pacific to help women prosper and grow.[26]

Reinventure

[edit]

Westpac has committed $150m to the venture capital group Reinventure with the objective to increase the impact of technology in financial markets. The Westpac-backed firm has invested in start-ups likeBrickX,OpenAgent andCodeLingo.Reinventure is mandated to invest independently of Westpac, unlike venture capital strategies led by other Australian banks.[27]

Controversies

[edit]

US Federal Reserve borrowings

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In 2009, a Westpac-owned entity secured US$1.09 billion from the USFederal Reserve.Commentary suggests this was an unusual move for the bank, given its relatively minor position in North America. The borrowings by Westpac occurred at the height of the global financial crisis and were part of the Federal Reserve's move to stabilize financial markets globally. The public and government attention of the borrowings followed the release of the information by the Federal Reserve in 2010, not Westpac.[28]

Funding of coal mining in New Zealand

[edit]

Westpac came under criticism from350.orgfor its role in funding mining companyBathurst Resources,which was permitted to mine coal on theDenniston Plateau,claiming that the mine would release up to 218 million tonnes of carbon dioxide.[29]

Financial misconduct

[edit]

Manipulation of benchmark interest rates

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In April 2016, theAustralian Securities and Investments Commissionbegan legal proceedings against Westpac for manipulation of Australian benchmark interest rates, alleging that it had traded in a manner intended to create an artificial price for bank bills. It further alleged that Westpac was seeking to maximize profit or minimize its losses to the detriment of those holding opposite positions to Westpac.[30]In November 2018, Westpac was fined the maximum penalty of $3.3m and ordered to pay legal costs.[31]

Money laundering and child exploitation scandal

[edit]

In November 2019, it was revealed that Westpac was alleged to have violated anti-money laundering, child exploitation and counter-terror finance laws.[32]Westpac's CEO,Brian Hartzer,resigned in the wake of the scandal.[33]According to Australian regulators, Westpac had 23 million anti-money laundering law violations, which is Australia's biggest ever anti-money laundering scandal to date.[34]

On 24 September 2020, Westpac and AUSTRAC agreed to a $1.3 billion penalty over Westpac's breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. This is the largest fine ever issued in Australian corporate history.[35]

Unsolicited sales campaign

[edit]

In August 2021, Westpac was fined $10.5m for breaches to best interests duty after it provided personal financial product advice in calls to 14 customers in a sales campaign. The sales campaign aimed at rolling customers from their existing superannuation into Westpac superannuation products.[36]

String of misconduct cases

[edit]

In April 2021, theAustralian Securities & Investments Commissionlaunched six civil penalty proceedings against Westpac for alleged misconduct and widespread compliance failures.[37]The six cases that were all settled by April 2022 are:[38]

  • Charged $10.9m in advice fees to 11,800 deceased customers for services that were not provided, fined $40m.
  • Distributed duplicate insurance policies to 7,000 customers for the same property and issuing insurance policies to 329 customers who had not consented, fined $15m.
  • Charged $10.6m in ongoing financial advice fees to at least 25,000 customers without disclosing these fees, fined $6m.
  • Charged fees to 21,000 deregistered company accounts, holding $120m in funds instead of remitting to ASIC or the Commonwealth, fined $20m.
  • Sold consumer credit card and flexi-loan debt to debt purchasers with incorrect interest rates, resulting in 16,000 customers being overcharged interest, fined $12m.
  • Charged 9,900 members insurance premiums that included commission payments which are banned, fined $20m.

Westpac was fined $113m total for the string of misconduct cases.[38]

Insider trading and interest swap allegations

[edit]

In May 2021, theAustralian Securities and Investments Commission(ASIC) commenced proceedings in theFederal Court of Australiafor allegations of insider trading and unconscionable conduct over a 2016 $12 billion interest swap rate transaction withAustralianSuper.[39]In January 2024, ASIC dropped the insider trading allegation and Westpac was ordered to pay a $1.8m fine and an additional $8m to cover ASIC's litigation and investigation fees for unconscionable conduct.[40]

Corporate responsibility

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In 2002 Westpac released a social impact report that outlined the bank's plan to meet international standards in the area ofcorporate social responsibility.This led to Westpac's assessment as the global sustainability leader for the banking sector in the Dow Jones Sustainability Index from 2004 to 2007.[41]

Westpac has been criticised for backing logging operations on theSolomon Islandsthat destroy virgin rainforests.[42]Because of this, theAustralian Greenshave called for the Banksia Awards to be withdrawn from Westpac.[43]

Westpac was one of the thirteen topASX 20companies to support the2023 Australian Indigenous Voice referendum’s ‘Yes’ campaign.[44][45]

Executive leadership

[edit]

Chief Executives

[edit]

The following individuals have been appointed to serve as chief executive:

# Name Title Term start Term end Ref
1 Bob WhiteAO Chief general manager 4 May 1982(1982-05-04) 31 December 1987(1987-12-31) [46][47]
2 Frank ConroyAM 1 January 1988(1988-01-01) December 1992(1992-12)
3 Robert L. JossAC chief executive officer 15 February 1993(1993-02-15) February 1999(1999-02) [48][49][50][51]
4 David MorganAO 1 March 1999(1999-03-01) 31 January 2008(2008-01-31)
5 Gail Kelly 1 February 2008(2008-02-01) 1 February 2015(2015-02-01)
6 Brian Hartzer 1 February 2015(2015-02-01) 2 December 2019(2019-12-02) [52]
7 Peter King 2 December 2019(2019-12-02) Incumbent [14]

Chairs of the Board

[edit]

The following individuals have been appointed to serve as chairman of the board:

# Name Term start Term end Ref
1 Sir Noel FoleyCBE 4 May 1982(1982-05-04) 30 January 1988(1988-01-30) [53][54][55][56]
2 Sir James Foots 30 January 1988(1988-01-30) January 1989(1989-01) [57]
3 Sir Eric NealAC January 1989(1989-01) October 1992(1992-10) [58][59]
4 John UhrigAO October 1992(1992-10) December 2000(2000-12) [60][61]
5 Leon DavisAO December 2000(2000-12) March 2007(2007-03)
6 Ted EvansAC March 2007(2007-03) 14 December 2011(2011-12-14) [62]
7 Lindsay Maxsted 14 December 2011(2011-12-14) 2 April 2020(2020-04-02) [63]
8 John McFarlaneOBE 2 April 2020(2020-04-02) Incumbent [64][65]

See also

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References

[edit]
  1. ^abcdef"Westpac 2023 Annual Report"(PDF).Westpac Group.Retrieved14 November2023.
  2. ^Wootton, Hannah (11 March 2020)."Westpac evacuates floors in Sydney HQ due to suspected virus".Australian Financial Review.Retrieved27 August2020.
  3. ^Ward 1975,p. 39.
  4. ^M. J. B. Kenny."Edward Smith Hall (1786–1860)".Biography – Edward Smith Hall – Australian Dictionary of Biography.Adb.online.anu.edu.au.Archivedfrom the original on 24 May 2011.Retrieved25 December2012.
  5. ^"Top Australian Banks".Corporate Finance Institute.Retrieved15 September2021.
  6. ^Luke, Susan Skiles (28 July 1997)."Westpac Gets Regulator's OK To Acquire Bank of Melbourne".The Wall Street Journal.ISSN0099-9660.Retrieved19 May2020.
  7. ^"Westpac rebrands".Australian Financial Review.30 January 2004.Retrieved19 May2020.
  8. ^Westpac NZ todayat theWayback Machine(archived 6 July 2011),Business Spectator10 March 2011.
  9. ^"UPDATE 1-Westpac says BT Investment IPO raises A$247 mln".Reuters.6 December 2007.Retrieved13 April2020.
  10. ^"Gail Kelly to head Westpac as new CEO".The Sydney Morning Herald.17 August 2007.Retrieved19 May2020.
  11. ^abSomasundaram, Narayanan (12 November 2014)."Hartzer to Become Westpac CEO in February as Kelly Exits".Bloomberg.Retrieved19 May2020.
  12. ^"St George and WBC sign merger deal".news.au.26 May 2008.Archivedfrom the original on 27 May 2008.Retrieved23 June2008.
  13. ^"Westpac Boss hints at more job cuts".3 February 2012.Archivedfrom the original on 4 February 2012.
  14. ^abWitkowski, Wallace."Westpac Banking names Peter King CEO for next two years".MarketWatch.Retrieved21 May2020.
  15. ^"Westpac 2022 Annual Report"(PDF).Retrieved16 February2023.
  16. ^[1]Archived15 January 2007 at theWayback Machine
  17. ^"BOS Dashboard".bankdashboard.bankomb.org.nz.
  18. ^"Westpac to pay $5.1 million over credit card fees, Kiwibank joins list of companies facing charges".Commerce Commission. 29 September 2006. Archived fromthe originalon 27 September 2007.Retrieved16 January2007.
  19. ^Louisson, Simon (7 October 2009)."Westpac loses NZ Court Tax Case".The Wall Street Journal.Archivedfrom the original on 23 December 2015.Retrieved8 October2009.
  20. ^"Westpac trialsTrials HCE Digital Wallet Technology"Archived26 March 2015 at theWayback Machine,22 July 2014.
  21. ^"Augmented Reality – world first for Westpac customers"Archived27 September 2014 at theWayback Machine,5 August 2014.
  22. ^"Sky TV buys naming rights for Wellington's Westpac Stadium".RNZ.22 August 2019.
  23. ^"Five big banks form Global ATM Alliance"Archived7 May 2007 at theWayback Machine,ATMmarketplace. 9 January 2002. Accessed 22 June 2007.
  24. ^"Accessing Money Overseas".Westpac.Archivedfrom the original on 23 December 2012.Retrieved25 December2012.
  25. ^"Westpac expands its presence in London".The Sydney Morning Herald.5 March 2010.Archivedfrom the original on 23 March 2010.Retrieved6 March2010.
  26. ^Global Banking Alliance for Women,retrieved16 June2014
  27. ^"Westpac puts another $50 million into VC fund Reinventure".Australian Financial Review.15 May 2018.Retrieved11 February2019.
  28. ^Johnston, Eric (3 December 2010)."NAB, Westpac tapped Fed".The Age.Melbourne.Archivedfrom the original on 10 September 2011.
  29. ^"Westpac – Denniston Coal".350.org.nz.Archivedfrom the original on 3 May 2014.
  30. ^"16-110MR ASIC commences civil penalty proceedings against Westpac for BBSW conduct".asic.gov.au.5 April 2016.Archivedfrom the original on 7 April 2016.Retrieved7 April2016.
  31. ^"18-341MR Court orders penalties and other relief against Westpac for BBSW conduct".asic.gov.au.9 November 2018.Retrieved23 April2022.
  32. ^"Westpac faces fines over 'serious and systemic' anti-money laundering breaches, AUSTRAC says".ABC.Retrieved27 November2019.
  33. ^"Westpac chairman rejects pressure for more heads to roll amid money laundering scandal".The Guardian.Retrieved27 November2019.
  34. ^Murdoch, Scott; Kaye, Byron (12 December 2019)."Shareholders lash Australia's Westpac over money laundering bombshell".Reuters.Archived fromthe originalon 13 December 2019.Retrieved12 December2019.
  35. ^"Westpac settles AUSTRAC case for $1.3b".Australian Financial Review.23 September 2020.Retrieved24 September2020.
  36. ^"21-221MR Westpac subsidiaries to pay $10.5 million penalty for breaches of best interests duty".asic.gov.au.Retrieved23 April2022.
  37. ^"21-320MR ASIC launches multiple legal actions against Westpac".asic.gov.au.Retrieved23 April2022.
  38. ^ab"22-097MR Westpac penalised $113 million after multiple ASIC legal actions".asic.gov.au.Retrieved23 April2022.
  39. ^"21-093MR ASIC commences civil proceedings against Westpac for insider trading".asic.gov.au.Retrieved20 March2024.
  40. ^Muroi, Millie (31 January 2024)."'Risible': Federal Court justice slams $9.8m Westpac settlement ".The Sydney Morning Herald.Retrieved20 March2024.
  41. ^Keating, B; Quazi, A; Kriz, A; Coltman, T (2008),"In pursuit of a sustainable supply chain: insights from Westpac Banking Corporation"(PDF),Supply Chain Management,13(3): 175–79,doi:10.1108/13598540810871217,S2CID111216933
  42. ^Westpac backs logging project,2012,archivedfrom the original on 9 November 2012
  43. ^Westpac criticised over Solomons logging project,2012,archivedfrom the original on 3 November 2013
  44. ^"Westpac's Jawun legacy underpins support for Indigenous Voice".westpac.au.Retrieved12 September2023.
  45. ^"More companies to stay impartial on Voice as referendum approaches".Australian Financial Review.5 June 2023.Retrieved12 September2023.
  46. ^Frost, James (12 June 2017)."Vale Bob White: Banking sector mourns passing of former Westpac CEO".Australian Financial Review.Archivedfrom the original on 30 September 2017.Retrieved22 March2018.
  47. ^"Westpac head sees problems".The Canberra Times.Australian Capital Territory, Australia. 14 October 1982. p. 23.Retrieved1 January2023– via National Library of Australia.
  48. ^"'Mammoth task' ahead for Joss ".The Canberra Times.Australian Capital Territory, Australia. 25 January 1993. p. 1.Retrieved1 January2023– via National Library of Australia.
  49. ^"Westpac 'on the road to recovery'".The Canberra Times.Australian Capital Territory, Australia. 20 February 1993. p. 11 (Saturday Magazine).Retrieved1 January2023– via National Library of Australia.
  50. ^"Joss fast-pedals up a steep learning curve".The Canberra Times.Australian Capital Territory, Australia. 20 February 1993. p. 11 (Saturday Magazine).Retrieved1 January2023– via National Library of Australia.
  51. ^"US banker new chief of Westpac".The Canberra Times.Australian Capital Territory, Australia. 25 January 1993. p. 1.Retrieved1 January2023– via National Library of Australia.
  52. ^"Westpac bank chief quits amid money laundering scandal".BBC News. 26 November 2019.Retrieved1 January2023.
  53. ^"Bank of NSW, CBA to merge".The Canberra Times.Australian Capital Territory, Australia. 15 May 1981. p. 1.Retrieved1 January2023– via National Library of Australia.
  54. ^"Westpac's name adopted".The Canberra Times.Australian Capital Territory, Australia. 31 January 1982. p. 3.Retrieved1 January2023– via National Library of Australia.
  55. ^Henderson, Gerard (18 March 2005)."Realistic chairman of the board".The Sydney Morning Herald.Retrieved1 January2023.
  56. ^"Business and investment 'Gloomy future for Australian economy'".The Canberra Times.Australian Capital Territory, Australia. 31 January 1987. p. 8 (Section B).Retrieved1 January2023– via National Library of Australia.
  57. ^"No title".The Canberra Times.Australian Capital Territory, Australia. 10 September 1986. p. 40.Retrieved1 January2023– via National Library of Australia.
  58. ^"New chairman for Westpac".The Canberra Times.Australian Capital Territory, Australia. 18 November 1988. p. 15.Retrieved1 January2023– via National Library of Australia.
  59. ^"WESTPAC SHAKEOUT Neal's rise and fall both rapid".The Canberra Times.Australian Capital Territory, Australia. 2 October 1992. p. 6.Retrieved1 January2023– via National Library of Australia.
  60. ^"Packer raid puts heat on Westpac".The Canberra Times.Australian Capital Territory, Australia. 27 November 1992. p. 1.Retrieved1 January2023– via National Library of Australia.
  61. ^"'This is not my first choice...'".The Canberra Times.Australian Capital Territory, Australia. 20 January 1993. p. 1.Retrieved1 January2023– via National Library of Australia.
  62. ^"Westpac chairman Ted Evans to retire at general meeting in December".news.au. AAP. 11 May 2011.Retrieved1 January2023.
  63. ^Stewart, Robb M. (25 November 2019)."Westpac Banking CEO and Chairman Depart Amid Money-Laundering Probe".Wall Street Journal.ISSN0099-9660.Retrieved16 April2020.
  64. ^"Westpac announces John McFarlane as incoming Chairman"(Media Release).Westpac. 23 January 2020.Retrieved1 January2023.
  65. ^Aubrey, Kate (15 December 2022)."Westpac chairman announces departure after 2-year tenure".The Adviser.Retrieved1 January2023.

Further reading

[edit]
  • Edna, Carew (1997).Westpac: the bank that broke the bank.Sydney: Doubleday.ISBN9780868246642.OCLC38817885.
  • Narube, S. and B.T. Whiteside. 1985. "Financial Institutions and Markets in Fiji". In M. T. Skully, ed.Financial Institutions and Markets in the Southwest Pacific.London: Macmillan Press.
  • Tschoegl, A.E. 2005. Foreign Banks in the Pacific: A Note.Journal of Pacific History.
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