Westpac banking corporation

Title: analyze bank strategies
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Westpac banking corporation
Executive summary
The BTFG inspires a sense of admiration for its great service delivery, customer oriented services, industrial reputation and its desire in innovation. It has an outstanding staff who are market oriented thus driving the super brands of this company. In the year 2010 this bank posted good results despite the economic turmoil and melt down in Australia. Though in a competitive environment, it has managed to survive all business cycles thus emerging top five safest banks in the world in the year 2010. Since its adoption of IT in accomplishing its strategic goals, this Bank has seen major transformations in its business. The rising number of the elderly, change of attitudes by Australians towards pensions and insurance, rise of natural catastrophes in the world is some of the opportunities that Westpac needs to exploit. Besides, it will have in collaboration with its IT department, come up with new products that meet the market tastes and preferences.
Company overview
The Westpac banking corporation-also known as Wespac, formerly called the Bank of New South Wales, is among the leading banking and also financial services companies in Australia. This bank provides a range of banking and financial services including, consumer banking, corporate banking, institutional banking, and insurance and asset management services. It operates more than 1491 branches and over 2700ATMs, and enjoys a client base of over 10 million customers. It operates in Australia, the Asia-pacific region and New Zealand and maintains offices in the major financial markets around the world. It serves through 7 business divisions including retail and business banking(RBB), Pacific banking, BT Financial Group Australia(BTFG), St. George bank, Westpac Institutional bank (WIB), Group Businesses and the New Zealand Banking. It has its head offices at Sydney Australia (National Library of Australia, 1999).
Financial Performance
In the year 2010 this bank posted good results despite the economic turmoil and melt down period that preceded the year. The corporation reported revenue of AUD 34.151 Million in the fiscal year ending 2010.This was a growth of 8.37 percent during the year 2008-2010 with a year on year revenue growth of 12.17 percent over the fiscal year ended 2009. It was during the year2010 when it recorded a profit margin of 18.58 percent as compared to the year 2008 which was 11.32 per cent. This saw cash earnings for the year grow to 595USD which was 21% increase. This can be attributed to the strong asset base, good flows besides the energy of the staff. In 2010, they recorded a 20% increase in productivity. In the Industry, working with high net worth clients, St.George Private Agents and Westpac bank have the lions share of the market in deposits and mortgages but they still have an opportunity to get more clients in investments, retireme...