SWOT Analysis of Westpac

SWOT Analysis of Westpac. Westpac Banking Corporation is a financial service provider and multinational banking company. Westpac came into existence on April 08, 1817, under the name of Bank of New South Wales. The headquarters of the company is in Westpac Place Sydney, New South Wales, Australia.

Some of the main products and services of Westpac are as follows;

  • Credit cards
  • Mortgages
  • Private Equity
  • Global wealth management
  • Investment management
  • Investment banking
  • Corporate banking
  • Consumer banking
  • Insurance and Finances

Key statistical facts and figures about Westpac Banking Corporation are as follows;

  • The annual revenue of the banking company in 2022 was 13.29 billion US dollars
  • Out of which, the net income of the company was 5.51 billion US dollars
  • Approximately 40,143 employees are working for the company to manage its operations

Some of the main subsidiaries of Westpac Banking Corporation are as follows;

  • Westpac New Zealand
  • Bank of Melbourne
  • BankSA
  • St George Bank

Some of the top competitors of Westpac Banking Corporation are as follows;

  • Suncorp
  • Bank of Queensland
  • Suncorp Group
  • ANZ
  • Scotia Bank
  • National Australia Bank
  • Bank of America
  • Investec
  • Macquarie Group
  • Comm Bank
  • Commonwealth Bank of Australia
  • NAB
  • BOQ Indooroopilly

Today, we’ll discuss the SWOT analysis of Westpac Banking Corporation. It is going to focus on the internal strengths and weaknesses; external opportunities and threats to the financial service-providing company. Here’s the SWOT analysis of Westpac Banking Corporation as follows;

Strengths of Westpac

Some of the main strengths in the SWOT analysis of Westpac are as follows;

Large Network of ATM

Westpac Banking Corporation has a very large network comprising more than 1637 ATMs and 877 branches. The large network of ATMs and branches helps the company to serve approximately more than 9 million customers across the country.

Top Lender

Westpac Banking Corporation is the 2nd largest lender bank in Australia. It shows the commitment of the financial service-providing company to the growth and development of the country. However, it means that the bank is lending capital resources for development projects in Australia.

Flexible Services

Westpac Banking Corporation has established a well-diversified product portfolio and it helps the company to target various segments of the customer market. It comprises of wide range of flexible services like global wealth management, migrant banking, insurance, credit card, and others.

CSR (Corporate Social Responsibility)

Westpac Banking Corporation is a highly socially responsible organization. For instance, Westpac falls under the category of a few companies that have supported the Australian Indigenous Voice Referendum in 2023. It shows the commitment of the financial company to the social welfare.

Skilled Workforce

Westpac Banking Corporation invests a significant amount of resources in the training and development programs of its employees. It has allowed the company to have a skilled workforce and employees, and they perform various operations efficiently and contribute to the company’s growth and productivity.

Weaknesses of Westpac

Some of the main weaknesses in the SWOT analysis of Westpac are as follows;

Low Branches

Compared to the other banks, Westpac Banking Corporation has a very limited network of branches and ATMs. It explains the reason why its revenue and profitability are lower.


Westpac Banking Corporation has been engaged in various types of controversial issues and they are negatively impacting the reputation of the company. Some of them are as follows;

  • Series of misconduct cases
  • Unsolicited sales campaign in 2021
  • Child exploitation and money laundering scandal in 2019
  • Funding of coal mining in New Zealand
  • Manipulation of benchmark interest rate in 2016

Opportunities for Westpac

Some of the available opportunities in the Westpac SWOT analysis are as follows;

Market Expansion

Westpac Banking Corporation should consider expanding its financial servicing operation in the emerging markets of developing countries. They hold a significant growth potential for the financial services, the company should take advantage of the opportunity.

Tech Innovation

E-commerce platforms and online shopping trends are increasing, and they need financial institutions to carry out financial transactions. Westpac Banking Corporation should invest capital resources for technological development and upgrading its platform and system. It would pay off the company in a great way with a lot of customers and sales.

Issuance of Licenses

In order to expand its operations in other countries, Westpac Banking Corporation should issue licenses to other 3rd party banks to use the company’s brand name. It would help the company to increase its market share and influence.

Threats to Westpac

Some of the main potential threats in the Westpac SWOT analysis are as follows;


Government regulations in terms of interest rates, borrowing and lending limits, credit limits, insurance, and other policies impact the growth of the financial service-providing company.

Economic Recession

The unemployment rate, low buying power, and high inflation decrease the spending of the people, and it would impact the sale of the company’s services.

Conclusion: Westpac SWOT Analysis Example Company

After an in-depth study of the SWOT analysis of Westpac Banking Corporation; we have realized that Westpac Banking Corporation is the world’s leading Australian financial company. If you are learning about the business of Westpac Banking Corporation, then you should keep in mind the abovementioned internal and external factors.

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