Media

24 August 2009

Westpac has been named Australia's number one financial institution for small business banking by CANSTAR CANNEX winning their Best Value National Award.

In announcing the award, CANSTAR CANNEX said Westpac demonstrated commitment to backing business in a particularly challenging year and were impressed by Westpac's continued push towards improvement for their business customers.

CANSTAR CANNEX rated more than 340 term loans, 69 overdrafts, 39 credit cards and 88 deposit accounts from financial providers who meet the special needs of small business.

Westpac's General Manager, Business Banking, Sian Lewis, said the award recognised the priority Westpac puts on supporting small business navigate the economic climate. This year Westpac has put around 180 local business bankers in branches as a primary contact to support SMEs which is part of a program to triple the number of local business bankers, a range of competitive products and services for SMEs but also the focus supporting small business with experts they can talk to face to face.

Small Businesses are also benefiting from a national program to bring back the Bank Manager

We've been backing small business this year by putting more bankers in more locations, boosting education and advice for our customers and by delivering expertise to help business owners navigate the difficult economic landscape.

Westpac have already hired 160 Bank Managers in its biggest and busiest branches with more than 400 in place by the end of this year.

Ultimately we'll have Bank Managers in all our branches by mid next year who are out and about serving the needs of their local communities.

We've been backing the growth and development of small business in Australia since we opened our doors 192 years ago. The current economic climate is no different, we believe we have to invest to grow in the future and we are doing that.

We're confident in small business sector are backing them with a program to build their confidence in their future. Their health means the Australian economy stays on track.

Westpac's package of measures to support SMEs has included:

• Supporting businesses with more education and advice to help with cash flow: in 2009 we have boosted our program of workshops for business by more than 30% so more than 5000 customers can attend expert sessions on everything from managing their cash flow in tough times, to presentations from our world-class economists, to business gurus and cash flow experts. SMEs can get a taste of what information and tools are available with our free 10 Smart Cash Flow Moves booklet available at www.westpac.com.au/business
• Investing in our local presence with more than $50 million being spent on more experts in more locations. Westpac opened 20 new branches this year plus 5 specialist Business Banking Centres bringing the network of one-stop shops for business around the nation to 61. Westpac's Business Banking Centres provide advice tailored for business on managing their cash-flow, traditional banking needs, equipment finance, building wealth, and trade
• Expanding the operations of the Cash Flow Solutions Group. Formed in April 2007, Cash Flow Solutions Group unites a specialist team of experts who help customers in cash flow management. We recognise that business owners need so much more from their bank than debt, so we have increased our transactional banking capability. Our experts focus on educating and then enabling business with the right products and solutions for their situation
• Providing Financial Hardship support - Westpac has earmarked additional funding to expand Westpac Assist to support business customers. Westpac Assist is a team of specialists who support both consumers and businesses in financial difficulty by providing assistance to help them find the best possible way to regain and maintain control over their finances. Customers facing financial difficulties in relation to their Westpac loans or accounts can contact Westpac Assist on 1800 067 497.

We're here to help SMEs plan over the long term and as the best value business bank we are worth considering as a business partner so visit your nearest branch to sit down with your local small business expert," Ms Lewis concluded.