Westpac

Office address: Level 1, Westpac on Takutai Square 16 Takutai Square Auckland 1010
Website: www.westpac.co.nz
Year established: 1861
Company type: banking
Employees: 5,000+
Expertise: home loan, shared equity, split home loan, first home loan, mortgage calculator, KiwiSaver, investment, accounts and cards, insurance, foreign exchange, personal loans, private bank, credit card, business, agribusiness, institutional, banking, retail and commercial banking, wealth management
Parent company: Westpac Group
Key people: Catherine McGrath (CEO), Helen Ryder (MD), Sarah Hearn (GM), Reuben Tucker (MD), Stephen O’Brien (general counsel), Marc Figgins (GM), Russell Jones (CIO), Tania O'Brien (CFO)
Financing status: N/A

Westpac is one of New Zealand's big four banks, offering retail and commercial banking and wealth management services to over 1.5 million customers nationwide. Employing around 5,000 people, the bank is dedicated to supporting financial security and community well-being through sustainable practices. Their commitment ensures investment in local communities, helping them prosper and succeed.

History of Westpac

Westpac's origins trace back to 1861 in New Zealand when it was established as the Bank of New South Wales, opening seven branches initially. Its first customer was from the Otago goldfields. In 1817, BNSW was founded in Australia under Governor Lachlan Macquarie.

The merger with the Commercial Bank of Australia in 1982 resulted in the rebranding to Westpac. Notably, the bank pioneered host card emulation mobile payments in New Zealand and launched the world’s first augmented bank app. In 2024, the bank won the NZA 2024 Mortgage Awards for the Lender of the Year award (major/non-major bank).

Products and Services of Westpac

The bank provides a variety of mortgage products to meet different financial needs:

• Choices Fixed: offers a fixed interest rate for a specific period, ensuring consistent repayments
• Choices Floating: features a variable interest rate that adjusts with market conditions, offering flexible repayment options
• Choices Everyday Floating: combines a floating interest rate with everyday transactional banking for easy access to funds
• Greater Choices home loan: provides tailored solutions for borrowers with unique or complex financial situations
• Choices Floating with offset: reduces interest costs by offsetting the loan balance with the balance in a linked transaction account
• shared equity: allows buyers to co-own their property with the bank, increasing their purchasing power
• split home loan: combines fixed and floating interest rates for a balanced approach to flexibility and security
• first home loan: supports first-time buyers with lower deposit requirements and government assistance
• home loan calculator: an online tool to estimate loan repayments and help plan finances effectively

The bank offers a wide range of mortgage products for different property goals. New home loans of $250,000 or more come with $3,000 cash back. They also provide personal loans, insurance, accounts, cards, and foreign exchange services.

Culture at Westpac

The bank focuses on creating better futures by understanding and supporting their customers' goals. To do this, they foster a work environment known for talent development, passion, and ambition. The organisation values inclusivity, diversity, and safety, welcoming all employees and providing them with:

• financial benefits: competitive pay, exclusive banking and insurance discounts, market-leading superannuation offers
• growth and development benefits: access to Learning Bank, recognition programs, career and leadership development opportunities
• life and wellbeing benefits: flexible working options, five days paid wellbeing leave, paid parental leave, and more
• community benefits: two paid volunteer days, fundraising for the Westpac Rescue Helicopter Appeal, financial education support
• discounts: travel, food and beverage, technology, health, and fitness offers

They are committed to enhancing Aotearoa through meaningful environmental, social, and economic impacts. They collaborate with various organisations to deliver social good, support sustainable projects, and build an inclusive community. Energised by giving back, it aims to make a positive difference with initiatives like:

• Westpac Rescue Helicopters: New Zealand's rescue helicopters save lives with highly trained crews responding to critical situations, even in remote areas
• NZ Landcare Trust: partners with farmers, agencies, and community groups to improve Aotearoa’s waterways and landscapes
• Rescue Rashies: helps keep young swimmers safe, ensuring Kiwi kids are protected by the water
• other community partnerships: includes Dementia Friendly Banking, iSPORT Foundation, Duffy Books in Homes, Pūkaha National Wildlife Centre, and more

Westpac is dedicated to nurturing talent, fuelling passions, and helping ambitions thrive in a diverse and welcoming workplace. They offer comprehensive scholarship and career pathways, ensuring individuals can be their true selves. Recognised for their commitment to development, the bank provides numerous opportunities for growth:

• graduate program: open to graduates from all backgrounds, offering diverse programs supported by industry leaders and a collaborative environment
• Te Waiu O Aotearoa Trust Scholarships: tertiary study scholarships aimed at advancing Māori in business, banking, and finance
• work overseas: opportunities to work abroad, helping international customers achieve their goals while expanding career prospects

The bank's vision and strategy focus on exceptional customer care and organisational courage, aiming to stand out as a bank with heart. They prioritise inclusion and sustainability to make a genuine difference in New Zealand communities. By strengthening their foundations in cyber security, data, and payments, it enhances their commitment to their ‘Together Greater’ spirit.

About Westpac CEO Catherine McGrath and Key People

Catherine McGrath has been Westpac's chief executive officer since 2021. She previously held senior roles at Barclays, ASB Bank, Lloyds Bank, and National Australia Group. McGrath earned a law degree and commerce degree from Canterbury University.

Supporting McGrath are key executives who help operate the company effectively, each bringing unique expertise to their roles:

• Helen Ryder, as a managing director, consumer banking and wealth, oversees consumer banking and wealth management operations
• Sarah Hearn, as a GM product, sustainability and marketing, leads product development, sustainability initiatives, and marketing strategies
• Reuben Tucker, serving as a managing director, institutional and business banking, manages institutional and business banking services
• Stephen O’Brien, serves as general counsel, providing legal advice and overseeing legal matters
• Marc Figgins, as a GM human resources and communications, handles human resources and internal communications
• Russell Jones, as a chief information officer, oversees the company’s information technology and systems
• Tania O'Brien, serving as CFO, manages the financial operations and strategies of the bank

The Future at Westpac

Westpac recently improved banking accessibility for youths in care, highlighting the bank's commitment to social responsibility. The initiative allows 15-17-year-olds in Oranga Tamariki's care to open accounts without parental consent. This demonstrates their dedication to supporting vulnerable communities and simplifying banking processes.

The bank achieved a milestone in open banking, facilitating collaborations with third parties to enhance customer banking experiences. By adopting Payments NZ’s API standards, the bank allows new ways for customers to manage their finances. Future partnerships with API providers are expected to further drive these advancements, benefitting customers with new, efficient ways to manage their finances.