Westpac Banking Corp
Westpac Banking Corporation is an Australia-based company that provides banking and selected financial services, operating under multiple brands, and predominantly in Australia and New Zealand, with a small presence in Europe, North Amer…
The business
Westpac Banking Corporation is an Australia-based company that provides banking and selected financial services, operating under multiple brands, and predominantly in Australia and New Zealand, with a small presence in Europe, North America, Asia and the Pacific. Its segments include Consumer, Business & Wealth, Westpac Institutional Bank (WIB), Westpac New Zealand and Group Businesses. The Consumer segment provides a full range of banking products and services to customers in Australia through three lines of business consisting of mortgages, consumer finance and cash and transactional banking. The Business & Wealth segment comprises business banking, wealth management, private wealth, and Westpac Pacific. The WIB segment delivers a range of financial products and services to corporate, institutional and government customers. The Westpac New Zealand segment provides banking, and wealth products and services for consumer, business and institutional customers in New Zealand.
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Latest news
Handful of large companies are driving the record-breaking share market rally
If you look at the solid share market rallies in both Australia and the United States, one factor really stands out. Both rises have been powered by a small number of shares that have really taken off – Nvidia and the rest of the tech giants in the US market and Commonwealth Bank (ASX: CBA) […]
Citi downgrades Australia’s big four banks on lower rate cut expectations and valuation concerns
Global investment bank Citi downgraded its recommendations for ANZ (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), National Australia Bank (ASX: NAB) and Westpac (ASX: WBC) this week after diminishing rate cut expectations exposed significant downside risks. It said any chance of a cut was progressively being pushed out, leaving banks exposed to poor earnings […]
Bank dividends could be reduced or on hold during pandemic
Investors should prepare themselves for lower and possibly suspended dividends from the big banks and insurance companies after a raft of powerful forces combined to urge lower payouts. First and most importantly, the chairman of the Australian Prudential Regulation Authority (APRA) Wayne Byres has written to all bank boards calling for restraint in dividends, buybacks […]
Banks are back as dividends rebound
The bank bonanza is officially back, with profits and dividends bouncing back strongly after the COVID-19 pandemic. Westpac (ASX: WBC) showed the way with a better-than-expected half-year cash profit which was up 256% from last year’s gloom to $3.5 billion, with the dividend lifted to 58c. More importantly, Westpac chief executive Peter King also outlined […]
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