Our history
As Australia’s first bank and oldest company, the Westpac Group—which started life as the Bank of New South Wales in 1817—represents a central, unbroken thread that runs through Australian history. It has survived and thrived because it has been guided by the same purpose over the years: to provide stability, to support customers and communities, and to help grow the economy.
The Bank of New South Wales (Bank of NSW) was established in 1817 under a charter of incorporation signed by Governor Lachlan Macquarie. In October 1982, the Bank of NSW merged with the Commercial Bank of Australia, taking on the new name of Westpac Banking Corporation. Australia’s first company and oldest bank, Westpac has over 200 years of continuous service.
The Westpac Story
You can view our video covering our first 200 years, or read on for more.
Our timeline
1817
The foundations of Australia’s first bank - the Bank of New South Wales - were set by the merchants and business-people of colonial Sydney. At a public meeting in November 1816, a group of colonists came together to work out what could be done to strengthen and support the emerging economy. With Governor Macquarie’s backing, 39 citizens resolved to establish a bank with twin purposes - to provide banking services and to issue currency, thereby providing security and certainty on which to create a prosperous future for their families and the country.
Macquarie encouraged its growth: “Persevere Gentlemen, in time not too far distant the bank will gradually flourish, to the benefit of the country at large...”
From its opening day in 1817 until 1822 the Bank of New South Wales leased a house from Mary Reibey in Macquarie Place, which was the main town square and geographic centre of the colony. An emancipated convict and business-woman Reibey’s involvement marks the beginning of our long history working with women in finance and banking. She was one of our first female customers.
Founding proprietors included Margaret Campbell, who purchased shares in 1817, and Elizabeth Macquarie, who became a proprietor in 1819.
In July 1817 the first disaster relief fund was set up to help victims of natural disaster. Floods in the Hawkesbury River district had resulted in losses of stock and crops, impacting the livelihoods of local farmers. Supplemented by government assistance from the King’s stores, the Fund continued to support those affected until 1820, when a good harvest allowed recovery work to be completed. Helping in times of natural disaster remains part of who we are.
1851
Around the time of the Gold Rush we underwent a major expansion. Staff and gold-buying agents travelled to the gold fields in Victoria and New South Wales, living in tents alongside the miners to provide banking services (such as deposits, exchanges, and transfers) to them and local merchants. We also arranged regular transport of gold nuggets and dust back to Melbourne or Sydney, where it could be smelted into ingots on Bank premises. Within 10 years, we’d grown from a single office in Sydney to a network of 37 branches. The rapid growth of this network meant that many ‘branches’ were established in whatever premises could be found at the time. Tent branches were not uncommon, nor was the practice of renting a small space within an established building such as a shop, a hotel or post office, until a purpose-built branch could be established. The staff were as intrepid as the settlers: in our archives are letters of the time describing the difficulties of reaching remote locations on horseback (well before road and rail networks were developed), and dealing with extreme weather – rain, drought, heat or cold.
1861
Pastoralist, goldmine manager and banker Thomas Buckland joined the Bank as a member of the Board in 1861 and, for a time, also acted as General Manager. He was awarded £1000 as acknowledgement of his service as GM in 1879 and decided to use this to establish a fund – the Buckland Fund - to help employees and their families experiencing financial hardship. Buckland’s legacy continues to this day, with his fund forming part of the Westpac Foundation, which provides hundreds of grants to community organisations every year.
1879
Gold brought wealth to many, but also highlighted a growing inequality across society. Gold transports from the diggings to capital cities were often the targets of bushrangers. Our branches were not spared, with many bushrangers making raids. The most famous bushranger of all, Ned Kelly, held up the Bank’s branch in Jerilderie, in February 1879, robbing it of £2000. He also dictated a long letter outlining his grievances against the state – arguably a treatise on social justice – which is now held by the State Library of Victoria.
1883
Introducing new technology to the Bank in the effort to streamline and make banking more efficient and help customers is part of our history. In 1883 the then new technology of the telephone was introduced. The telephone revolutionised communications between branches and head office, which had previously relied upon letters travelling overland by horse or by sea.
1898
The Bank’s first female employees began work in October 1898, at Head Office in Sydney. Edith Lamb and Beatrice Tennyson Miller were required to operate another new piece of technology – the typewriter, to copy letters and memos, and to type up minutes of meetings. Known as ‘Lady Typewriters’, they were joined by Edith Mary Preshaw, in Brisbane in 1906.
1901
Australia becomes a nation when the colonies agree to federate. As part of the new centralised government’s work, it took over issuing bank notes and coins, thereby ending a function we had held since 1817.
1917
We reached our centenary in 1917. However, Australia was fighting World War I (1914-1918), and celebrations were very muted out of respect. More than 40 percent of the male staff enlisted (793 men in all), of whom 134 lost their lives.
1927-1931
Growth by acquisition: by the mid-1920s the Bank of New South Wales’ policy on growth was emerging. At the right price, amalgamation was the more economical alternative to opening branches and would achieve results much more rapidly. The first merger was with the Western Australian Bank in 1927. This was followed by a merger with the Australian Bank of Commerce in 1931.
1929
Alfred Davidson was a second-generation Bank Officer and had overseen the bank's amalgamation with the Western Australian Bank before becoming General Manager in 1929. At the height of the Great Depression in 1931, Davidson initiated adjustments to interest rates and exchange rates with the aim of supporting primary producers, on whom much of the Australian economy depended. History has gone onto to credit these twin moves with helping Australia out of the worst of depression.
Davidson arrived at these farsighted and beneficial measures by establishing a research department of academics who collected and analysed data and distilled economic theory into policies and practices originally published for the Bank. The circulars soon became available to the banking industry and the public.
1939-1945
Staff enlisted in significant numbers during World War II, with 70 percent of the staff (2556 men and women) serving in the military. Of these, 334 were killed. Today, we continue to support the Veteran community. We are a founding member of the Prime Minister’s Veterans’ Employment Awards and support the Government’s Veteran’s Covenant.
1956
In 1956, we were granted a licence to operate as a Savings Bank, entering the ‘retail banking’ space for the first time. This meant we could offer interest on savings deposits and, significantly for customers in the post-war boom, offer loans for items such as cars, caravans, travel and housing. Our first money box was introduced at this time, an enamelled tin treasure chest. Australia’s first television broadcasts were made this year also, which ushered in the first of our TV ads.
1961
It was headlines around the country when we appointed the first female teller in October 1961. Judy Scott, working at Wynyard branch in Sydney, was a trailblazer. During the 1960s the marriage bar also came to an end. Women could remain at work after marriage, rather than having to resign when they said: ‘I do’.
1973
Westpac Lifesaver Rescue Helicopter Service is launched after a successful summer trial near Sydney. Westpac supports the service which has flown 80,000+ missions. No one has ever had to pay to be rescued by the service.
1980
ATMs – Automatic Teller Machines – were introduced by the Bank. To promote and explain the new technology to customers a promotional robot – called Dexter - travelled the country.
1982
With a continuing focus on growth by acquisition: the Bank of New South Wales merged with the Commercial Bank of Australia, which had been established in Melbourne in 1866. Neither bank wanted to be the only one losing a name. It was agreed a new name would be created: Westpac Banking Corporation, Westpac being a contraction of ‘Western Pacific’.
To mark the occasion of the merger, a corporate wardrobe was designed by Adele and Peter Weiss. Future Super Model Elle Macpherson, then starting her career, modelled some of the wardrobe in promotional material prior to the launch.
1984
We were the first bank in the world to launch electronic banking – EFTPOS - using debit and credit from cheque or savings accounts through our Handyway and Handybank service. Another first in technology to help our customers bank more easily.
1993
Westpac instigates a substantial rejuvenation program as part of a new growth strategy. Acquisitions in Australia and New Zealand to expand our retail banking footprint in markets where we were ‘underweight’ included acquiring Challenge Bank Limited, Western Australia in 1995; Trust Bank New Zealand in 1996 and Bank of Melbourne in 1997.
1995
Ann Sherry introduced the first corporate paid maternity leave scheme for a publicly listed company in Australia to Westpac. She went on to be chief executive officer of Westpac New Zealand—the first woman to hold a chief executive position at the Bank and the first female chief executive officer of a New Zealand bank.
An environmental policy is also released. Westpac was the first bank in the world to do so. Since then, we’ve actively advocated leading solutions to address environmental challenges, including reducing our direct and indirect environmental footprint and collaborating globally to do this. We were the first bank to commit to doing our part in helping to keep global warming to below two degrees above pre-industrial levels.
1998
A workplace giving program, 'Matching Gifts', was launched. The company matches employees’ charitable donations dollar-for-dollar. These funds are distributed to charities across Australia, supporting community causes, community welfare programs, overseas aid, and First Nations programs.
2000
As a proud Principal sponsor of the Sydney Summer Olympics and Paralympics we celebrated along with the rest of Australia our athletes and our successes.
2001
Westpac releases its first ‘Social Accountability’ statement, signalling a commitment to embracing social accountability as part of its overall business practices.
Jawun Indigenous Corporate Partnerships were established. The partnerships aim to empower Indigenous Australians to ‘take control’ and end the cycle of welfare dependency. Westpac offers 50 employee secondments a year to help build the financial independence of indigenous communities. Over 750 Westpac employees have taken part in the Jawun secondment program, contributing 100 work years of service to organisations, families, individuals, and local enterprises in indigenous Australian communities.
2002
Westpac acquires BT Funds Management and Rothschild Australia Asset Management and combined these with its own financial services operations to create BT Financial Group.
We completed the divestment of AGC consumer finance business to GE Capital.
2003
Westpac is a founding signatory to the Equator Principles, which set out standards for determining, assessing, and managing environmental and social risks in projects and business.
2007
The Global Financial Crisis (GFC) effectively began in July 2007. By September 2008 an international crisis was underway, with markets around the world exhibiting extreme levels of volatility. From the outset of the crisis, Westpac mobilised quickly, with a specialist project team set up to identify the risks and opportunities. Despite the more difficult funding environment, Westpac remained ‘open for business’, supporting customers in their borrowing needs, while also assisting those experiencing hardship.
Westpac acquired the RAMS franchisee business as the RAMS operation found it difficult to obtain funding in the more stressed environment.
Westpac commenced the divestment of BT Funds Management, (later to become Pendal Group). The exit was completed in 2018.
2008
Westpac and St.George Bank merged after the majority of St.George shareholders voted in favour of the merger. As a result Westpac was now responsible for the BankSA and St.George brands and with the RAMS acquisition in 2007 this was the genesis for the Group’s portfolio of brands.
Gail Kelly was appointed CEO, the first female CEO of a major Australian Bank.
2010
The first Reconciliation Action Plan [RAP] was launched in 2010, and in 2014 the Westpac Indigenous Advisory Committee was formed. Key initiatives are focussed on areas in which Westpac can have the most significant positive impact: employment, supporting the growth of Indigenous Australian businesses, financial inclusion, and advocacy.
2011
Bank of Melbourne was re-launched in 2011 – rebranding Victoria’s St.George network of branches. The business expanded rapidly with 14 new branches opening in its first year providing a more local banking alternative for Victorians across the state.
In honour of former CEO Alfred Davidson and his impact on the Australian economy in the 1930s, the Davidson Institute is established. Through this, Westpac offers accredited financial education to customers and the community.
2013
Bank of Melbourne Neighbourhood Fund is established to help support disadvantaged Victorians. In its first year the Fund awarded community grants worth nearly $1.8 million.
2014
Westpac (Bicentennial) Foundation is launched. The $100 million gift to Australia provides 100 scholarships a year, forever. It is the biggest corporate donation in Australian history and establishes the Nation’s largest education scholarship fund.
Growing by 100 scholars a year, Westpac Scholars aims to create a network of Australia’s best and brightest leaders, innovators, and pioneers – people from all walks of life united in a drive to learn and shape the future of Australia.
Launched Westpac Live, which has been recognised as the industry’s number one online banking platform. This multi-award-winning platform has transformed the banking experience for Westpac customers. In a rapidly changing world, the Westpac Group is continually investing in new technology, leveraging new innovations, and adapting to changing customer needs.
2015
Westpac was the first Australian bank prepared for the Apple Watch, with an app ready to go on the day it was launched. Digital security is always a key area of focus and in 2015 the Westpac Group was one of the first banks in the world to offer fingerprint login on mobile devices.
2016
A new Westpac Wardrobe, designed by Carla Zampatti, is launched in preparation for the Bank’s 200th anniversary in 2017.
2017
Westpac celebrates its 200th anniversary. Australia’s first company. Australia’s first bank.
An important mark and a reminder that our history is about helping customers by working with them and their families to improve our services to focus on their needs. In a new era where customers demand clear, simple, transparent banking services that perform for them, we are taking up the challenge.
2018
Quick and easy access to banking services continue to be key customer requirements, especially with the proliferation of smart phone technology. The development of digital and mobile banking, voice activated technology, contactless payment methods, including the short-lived Pay Wear fad, all play their part in meeting customer needs.
2019
In our continuing commitment to helping our customers in good and bad times we supply disaster relief to our customers following the summer bushfires along the east coast of Australia.
As part of our commitment to sustainability, we commit to using 100 percent renewable energy by 2025 through a power purchase agreement made with Bomen Solar farm near Wagga Wagga.
Westpac is named Australia’s most sustainable bank in the 2019 Dow Jones Sustainability index, the 18th year in a row Westpac has been ranked a global banking leader, achieving 9th spot globally. As a signatory to Principles of Responsible Banking, Westpac is one of 30 founding banks, and the first Australian bank to lead the development of the principles. Signatories commit to strategically align their business with the goals of the Paris Agreement on Climate Change and the UN Sustainable Development Goals.
AUSTRAC launches civil proceedings against Westpac for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Westpac publicly releases its response plan including immediate fixes to address issues raised, initiatives to lift standards across its financial crime systems and processes and investments to reduce the human impact of financial crime. The civil proceedings were resolved with AUSTRAC the following year with Westpac paying a penalty of $1.3 billion.
2020
Westpac announces a new strategic direction deciding to simplify the Bank back to its core banking operations, predominantly in Australia and New Zealand. Under this change, the Group began the process of exiting its wealth management, insurance, superannuation platforms, auto finance and Westpac Pacific businesses.
Supporting this change we established three strategic priorities:
Fix – addressing our shortcomings and refunding customers where we got it wrong and materially lift our management of risk and our risk culture.
Simplify – sell non-core businesses, reduce products and fees, use digital to simplify everything we do.
Perform – enhance returns, through better growth, more efficient use of capital and reducing costs.
COVID-19 and the global pandemic emerges. To support customers through the pandemic and its effects on business, we provide a range of support measures to customers including repayment deferrals, fee waivers, and specialist loans. Those packages proved very successful in insulating the economy from the full effects of the pandemic and supporting the Government’s economic measures.
2021
Westpac updates its Mobile Banking App following two years of development to better support its retail and business consumers to bank wherever and whenever they choose.
Continuing our focus on climate, we elevate climate change as a strategic priority in our “fix, simplify, perform” strategic priorities.
We exited our General Insurance, Lenders Mortgage Insurance and Auto Finance businesses in Australia.
2023
In our continued commitment to helping make banking easier for small business customers. Westpac launched the EFTPOS Air app to allow customers to accept payments on-the-go on a compatible iPhone or Android device.
More Westpac history
If you want to know more about Westpac's history, please email us or contact:
The Head of Historical Services
Westpac Group
Unit 2 Building A
16 Mars Road
Lane Cove NSW 2066
Ph: +61 9214 2230