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When The Bank of New South Wales merged with the Victorian-based Commercial Bank of Australia Ltd in 1982, it continued a pattern of expansion by merger which had begun in 1927.

The result was twofold. The Bank changed its name to Westpac Banking Corporation, and by its increase in size, consolidated its position as Australia's biggest banking group.

A change of name for the Bank of New South Wales had been under consideration for some time, but it was no simple matter. In 1850 the Bank had been incorporated as a corporation under its own 'Bank of New South Wales Act' of the New South Wales Parliament. This meant that the Bank operated under legislation separate from companies legislation. A proposal for amendment was presented to the New South Wales Legislative Council, and although an earlier request had been denied, permission was eventually granted in the form of the Bank of New South Wales (Change of Name) Act 1982.

The new name of Westpac, a shortened form of Western Pacific, more truly reflected its prominent place in this region than the original name. At the same time, it allowed the retention of the use of the very recognisable red "W" of the 'Wales'.

Although it relinquished its old name on 1st October 1982, Westpac did not relinquish its historic traditions and values which had served it so well.