Westpac Banking Corporation

Running Head: Westpac Banking Corporation
WESTPAC BANKING CORPORATION
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Westpac Banking Corporation
Executive Summary
When it comes to banking and financing sector in Australia, the first name pops up in
mind is Westpac Banking Corporation. It the one of the biggest and the oldest bank
operating since 1817 in Australia. It have its headquarters in Sydney. This report will
focus mainly on the functioning of the bank, the applicable laws, which the company
have to follow, and the effect when they are not followed. This report will also focus
on the international treaties and convention which impact the working of the
Westpac.
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Westpac Banking Corporation
Table of Contents
Executive Summary............................................................................................................................1
About Westpac....................................................................................................................................3
Applicable Rules and Legislations....................................................................................................3
International Treaties and Conventions...........................................................................................7
Bibliography.......................................................................................................................................13
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Westpac Banking Corporation
About Westpac
In 1817, Westpac was established and began trading in Australia. Initially it was
known as Bank of New South Wales. It has branches and offices all over Pacific
region (Do et al., 2007). Westpac Banking Corporation is an Australian based
company operating its work in banking as well as fiscal services, which include
merchandising, commerce, financial organisation, and services related to
management of money. With having branches in Australia, New Zealand and in
other Pacific region, Westpac is one of the biggest banking corporations in Pacific
region. It has workplace at some of the prominent places around the globe (Westpac
Banking Corporation Annual Report 2010, 2010). Westpac has its headquarters in
Sydney, Australia (Anon., 2019). It operates mainly in five divisions: Consumer Bank,
Business Bank, Westpac Institutional Bank, Westpac New Zealand, BT Financial
Group. There are 35,029 employees in Australia and more than 40,000 all over the
globe in 2018 (Chronican, 2007).
Applicable Rules and Legislations
Westpac primarily deals in banking and financing sector and its headquarter is in
Australia. Hence, Australian laws will be applicable. Some of the regulatory
framework and agencies which supervise and regulate, which are applicable on
Westpac are-
1. Australian Prudential Regulation Authority- Australian Prudential Regulation
Authority is in charge of careful supervision of banks, credit associations,
building social orders, life and general insurance agencies, amicable social
orders and most superannuation/pension reserves. APRA’s role incorporate
setting up and upholding prudential models and practices intended to
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