Westpac Stats

By   |   Verified by David Boyd   |   Updated 9 May 2024

Westpac is one of the key financial institutions in the Australia-New Zealand region. We examined their market presence, customer base, performance, and growth through mergers and acquisitions, which have shaped its path as a major player in the banking sector.

With assets totalling $1,029 billion and a 19% market share in New Zealand, Westpac underscores its dominance in these regions and highlights the competitive dynamics within Australia's Big Four banks.

Key Westpac statistics

Key Westpac statistics

  • Market share: Manages $1,029 billion in assets as of FY 23, the smallest of Australia’s Big Four banks and holds a 19% market share in total assets in New Zealand as of June 2023.
  • Leadership: CEO Peter King since April 2020.
  • Headquarters: 275 Kent St, Sydney, since 2006.
  • Operations: Over 800 branches across Australia in 2022 with plans to consolidate more than 100 within 18 months. Serves 13 million customers worldwide, employing around 36,000 staff. Provides 7,000 fee-free ATMs across Australia.
  • History: Established in 1982 from the merger of the Bank of New South Wales (founded in 1817) and the Commercial Bank of Australia.
  • Acquisitions: Over $17.5 billion spent on key acquisitions, including St.George Bank (2008) and MoneyBrilliant (2021).
  • Legal issues: $113 million penalty for multiple legal issues in 2022 and a record fine in 2020 for money laundering breaches.

Market share

Westpac has 1,029 billion dollars of assets and ranked last among Australia's Big Four banks by total assets in FY 23. (Statista)

Its influence extends beyond Australia's borders, as Westpac stands tall among New Zealand's four largest banks, with 19% market share in total assets by the end of June 2023. (Fitch)

About Westpac

Peter King was appointed Westpac Group Chief Executive Officer in April 2020, after holding the role on an acting basis between December 2019 and March 2020. (Westpac)

Westpac has been headquartered at 275 Kent St, in Sydney, since 2006. (Wikipedia)

In 2022, Westpac had just over 800 branches across Australia. However, it announced plans to merge over 100 branches in the coming 18 months. (9News)

As of 2023, Westpac had 13 million customers worldwide and employed around 36,000 people. (Westpac)

7,000 fee-free ATMs dot the Australian landscape according to 2023 figures. (The New Daily)


In a 1982 merger, Australian banking titans, the Bank of New South Wales (established 1817) and the Commercial Bank of Australia, united to form Westpac Banking Corporation. The name, cleverly combining "Western" and "Pacific," signalled their ambition to dominate the Western Pacific region. (Wikipedia)


Westpac has expanded its presence through notable acquisitions in various sectors. These strategic investments, totalling over $17.5 billion, demonstrate their commitment to growth.

  • The St.George Group, which comprises St.George, Bank of Melbourne, and BankSA, merged with Westpac Group in 2008. (St.George)
  • In a deal worth $1.45 billion, Westpac Group acquired Capital Finance Australia Limited (CFAL) and its corporate loan portfolio BOS International (BOSI) from Lloyds Banking Group in 2014. (Investor Daily)
  • Westpac acquired the money management app MoneyBrilliant in 2021. (Fintech Futures)


Not alone among the major banks in Australia, Westpac has also been the subject of some dodgy deals.

  • Westpac were penalised $113 million after multiple ASIC legal actions for "widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management and insurance brands." — 2022 (ASIC)
  • Westpac were ordered to pay a record fine over laundering breaches after they were found to have "failed to adequately report over 19 million international transactions." — 2020 (BBC)

Products and services

For individuals

  • Accounts: Savings accounts, transaction accounts, cheque accounts.
  • Credit cards: Everyday cards, rewards cards, travel cards.
  • Loans: Personal loans, home loans, car loans.

For businesses

  • Accounts: Business transaction accounts, business savings accounts.
  • Loans and finance: Equipment financing, commercial property loans, business lines of credit.
  • Merchant services: EFTPOS terminals for accepting electronic payments.
  • Industry-specific solutions: Tailored products and services for specific professions (e.g., accountants, lawyers).

Global presence

Westpac's core market is Australia and New Zealand (ANZ) where they have a strong branch network and a comprehensive suite of products for individuals and businesses.

Westpac Institutional Bank caters to wholesale and institutional clients globally. They have offices in key financial centres including London, UK; New York, USA; and in several cities throughout Asia.

Westpac also has a presence in the Pacific Islands, supporting customers in that region. (Westpac)