13 Facts About Westpac

Westpac is one of Australia's Big Four banks, and is Australia's first and oldest banking institution.

In October 2009, Westpac NZ was required to pay NZ$961 million to the Inland Revenue Department in avoided taxes.

Westpac is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance with no fees when traveling internationally.

Westpac operates in seven south Pacific nations; the unit is headquartered in Sydney.

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

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

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 like BrickX, OpenAgent and CodeLingo.

The borrowings by Westpac occurred at the height of the global financial crisis and was part of a Federal Reserve's move to stabilise financial markets globally.

In November 2019, it was revealed that Westpac was alleged to have violated anti-money laundering, child exploitation and counter-terror finance laws.

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

In 2002 Westpac released a social impact report that outlined the bank's plan to meet international standards in the area of corporate social responsibility.

Westpac has been criticized for backing logging operations on the Solomon Islands that destroy virgin rainforests.