Westpac Insurance

Westpac Insurance started its operations on April 8, 1817. Operating as the Bank of New South Wales, it had a small office in Sydney which was then part of New South Wales. In 1982, it adapted the name Westpac Banking Corporation after it merged with Commercial Bank of Australia. Westpac Insurance then merged with three other banks during the mid-90s.

Westpac Insurance boasts of various affiliates and branches in New Zealand, Australia, as well as other parts of the Pacific. Westpac Insurance also has offices in various key cities around the world such as Singapore, Hong Kong, New York and London.

Westpac Insurance today employs around 29,000, including its branches in New Zealand, Australia and other parts of the world. Its global assets has reached $402 billion as of March 2008. Westpac Insurance ranks among the top ten listed companies on Australia's Securities Exchange. Westpac Insurance net income less income tax is pegged at $2.2 billion.

What does Westpac Insurance provide?

Westpac Insurance focuses on six business areas, from which over 7 million clients are served. These include consumer financial services, business financial services, BT Financial Group Australia, Westpac Institutional Bank, New Zealand Banking and Pacific Banking.

Westpac Insurance's consumer financial services is focused on the sales and product development for customers based in Australia. Business financial services, on the other hand, is focused on the development of small- to medium-sized businesses in Australia.

Westpac Insurance's BT Financial Group Australia is in charge of the asset accumulation and investments management in Australia. Westpac Insurance also has its institutional banking division which is in charge of funding requirements to corporations and institutions such as advising on their management of cash, capital, funding and market risks. It also has banking operations in New Zealand and certain areas of the Pacific region.