WESTPAC BANKING Business Summary

Westpac Banking Corporation (WBKCY) operates as one of Australia's "Big Four" financial institutions, generating the majority of its revenue through net interest income from lending activities and non-interest income derived from transaction fees, commissions, and market operations. The company’s operations are organized into four primary segments: Consumer, which handles retail banking and mortgages; Business & Wealth, providing commercial banking and private wealth services; Westpac Institutional Bank, serving corporate and government clients; and Westpac New Zealand. As of early 2026, Westpac maintains a dominant market position as Australia's second-largest mortgage lender, trailing only the Commonwealth Bank of Australia (CBA) while competing directly with National Australia Bank (NAB) and ANZ Group Holdings Ltd (ANZ) across the trans-Tasman region. Founded in 1817 as the Bank of New South Wales, Westpac is led by Managing Director and CEO Anthony Miller, who assumed the role in December 2024 following senior leadership positions at Deutsche Bank and Goldman Sachs. The executive team includes Group CFO Nathan Goonan, a former National Australia Bank executive appointed in late 2025, and Chief Transformation Officer Peter Francis, who oversees the bank's multi-year "UNITE" technology simplification program. While Group CIO Scott Collary announced his retirement in February 2026, he remains in a transitionary capacity as the bank searches for a successor to lead its digital and AI-driven modernization efforts. The board is chaired by Steven Gregg, a veteran of McKinsey & Company and ABN AMRO, supported by notable directors such as Pip Greenwood, who also chairs the bank's New Zealand subsidiary.