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Westpac Case Study

1281 Words6 Pages

Westpac is one of the most well-known national incorporated banks across Australia. They are now one of the Australia’s ‘big four’ banks with total assets valued at $839.2 billion (AUD), which is currently placed in the top ASX (Australian Security Exchange) 20 companies in Australia. Like many other banks, Westpac provides financial services for both consumers and especially businesses in the small-to-medium enterprises (SME) sector. This includes offering a wide range of insurance products as well as personal financial services. Westpac was established in 1817(under a charter of incorporation from the governor). It was emerged under the name of Bank of New South Wales. It successfully expanded its network steadily throughout the years and …show more content…

The economy has impacted Westpac through factors such as foreign exchange rates, interest rates and equity prices. Businesses and consumers spending lowers, this is due to the increase in interest rates. Additionally, the currency fluctuate overtime causing some losses in Westpac’s share price itself from risks and instabilities. As they are unable to give out loans, their economic growth decline. Westpac has affected by a range of regulations in different countries. The regulatory body ASIC (Australian Securities and Investment Commission) is responsible to monitor business such as Westpac to ensure honest and ethical conducts. This restricts Westpac to conduct anything that is unfair or unjust. Internal management is the factors that business have controlled of. These factors could affect a business outcome. In Westpac, management influences and business culture are crucial. In an intense competitive environment, Westpac adopts a hierarchical structure where titles of positions are important. Management utilizes different departments in order to save time. Westpac strongly believes in the values of integrity, courage and achievement. They are reinforced among employees leading to trust, equity and maximizes productivity in workplace. This works towards critical objectives by retention in these key

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