Anthony Miller

Westpac is pleased to confirm it has been reappointed as a long-standing partner for the provision of Banking and Financial Services to the Victorian Public Sector.

Westpac Institutional Bank CEO Anthony Miller said: “Westpac deeply values its long-term partnership with the Victorian Government and we are privileged to be able to continue to partner with them in the years ahead.

“Westpac has been with Victoria through the good times of economic growth and job creation, and the challenging times of bushfires and COVID.

“Victoria is a growing and thriving State, with much to offer domestically and internationally. The opportunity to partner with the State Government and all Victorians through this next phase is one we greatly value,” Mr Miller said.

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Northill is an independent, privately held asset management business, established in London in 2010. Northill is a long-term investor in high quality, specialist asset management businesses, with extensive global operating experience. As at 30 September 2017, assets under management by businesses in which Northill owns a majority interest total approximately US$48 billion. Northill is focused on investing in a long-term partnership, supporting the continued development of Hastings as an independent asset management business and providing significant co-investment capital to enhance alignment with investors

Hastings is a long established, global infrastructure manager founded in 1994 and headquartered in Australia. Hastings established one of the first unlisted infrastructure equity funds in 1994 and one of the first infrastructure-focused debt funds in 1999. Hastings currently manages A$12.6 billion in funds on behalf of institutional investors and employs more than 100 staff across offices in Melbourne, Sydney, London, New York and Asia.

The agreement in relation to the proposed sale is subject to confirmatory due diligence and regulatory approvals.

The terms of the agreement (including price) are currently confidential.

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Brad Cooper

Westpac Group has been acknowledged for its leadership in Lesbian, Gay, Bisexual, Transgender and Intersex (LGBTI) employee inclusion at the 2015 Australian Workplace Equality Index (AWEI) Awards on Friday 15 May:

• Westpac moved up to second place in the Employer of the Year rankings
• Brad Cooper won the Executive Leadership Award
• Kristina Bennett won the LGBTI Ally award
• GLOBAL was awarded LGBTI Employee Network of the Year

“Our goal is to create a workplace where people are truly comfortable to be themselves – where they are appreciated for the job they do and not judged on their sexual orientation or gender identity.  And importantly, where they feel safe and respected,” Mr Cooper said.

Since 2011 ‘Pride in Diversity’ the social inclusion arm of the Aids Council of NSW (ACON) has been ranking the top twenty LGBTI-friendly employers in Australia at the AWEI Awards. The awards were established to encourage employers and LGBTI network leaders to develop solutions, provide training, set challenges and improve the overall inclusivity of their workplace policies, practices and culture.

Westpac Group has developed a range of initiatives including: bullying/harassment procedures, inclusive language training and policy reviews to update definitions including ‘family’ and ‘partner’. One of the most distinct and successful internal campaigns ‘You Being You’ encourages all employees to bring their whole self to work. There has been an increase each year in LGBTI employee engagement since ‘You Being You’ was launched.

“This recognition goes to the core of our vision to be one of the world’s great companies for diversity and flexibility, helping our customers, communities and people to prosper and grow,” Mr Cooper said.

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The new sign-in facility went live last week and has already been taken up by 3,000 customers in the first phase of the roll-out which alerts people digitally through their online accounts of the new feature. It adds further security and convenience for the increasing number of Westpac customers who are now banking on ‘smart’ mobile devices.

The launch of fingerprint sign in follows the introduction of fingerprint log in for mobile banking on the iPhone 5S, 6 and 6 Plus which in just over six weeks has seen 165,000 customers sign up to the new service. Fingerprint log-in is also available on the Samsung Galaxy 5 and Note 4.

Gai McGrath, General Manager, Westpac Retail Banking, said: “Over half of our digitally active customers are using mobile banking and are doing more than $50 billion worth of transactions each year.

“Our iPad banking app which was launched three years ago has played a significant part in the change customers have chosen to make in the way they bank with us and we have seen more than 560,000 of them download the app since then.

“Nearly 60 per cent of these customers use the app to do their banking on a regular basis, making $10 billion worth of transactions over the past 12 months alone.

“This pace of change has accelerated with banking on smartphones which we have also helped lead. This is something that will not slow down and we’re excited to be at the forefront of yet another innovation, this time providing instant access to banking for customers on their iPad via fingerprint sign in.

“This is the next step in for our successful digital banking service Westpac Live which has been used by over 2.9m personal customers to manage their accounts on the move and which we are now swiftly introducing to our 800,000-plus business customers.

“Our customers are increasingly demanding a better experience and greater consistency when accessing their bank accounts via their smartphone, their tablet, their PC and we are constantly innovating to deliver this.

“The simplicity of Westpac Live and innovations such as fingerprint log-in are making the banking experience even quicker and easier for our customers so they can bank anytime, anywhere – banking at the speed of life.”

Westpac’s announcement follows a year of innovations including; Westpac Get Cash which enables customers to withdraw cash from a Westpac ATM without a card by having a code sent to their phone; Westpac contactless payments; overseas travel notifications and Global Alliance overseas alerts to notify customers of their nearest Global Alliance partner ATM.

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Andrea Myles

Westpac will partner with the China Australia Millennial Project (CAMP) to bring together 200 young innovators aged 18 to 35 years from across China and Australia to tackle challenges common to both countries, including global talent and digital disruption.

Supported by the Australian Department of Foreign Affairs and Trade and the New South Wales Government, Westpac and CAMP will engage young leaders across both countries and provide a platform to connect, do business and solve problems.

“CAMP aims to bring together some of the brightest young minds from China and Australia into a number of different Thinktanks to form a collaborative bilateral hothouse for creative solutions to universal problems,” CAMP founder Andrea Myles said.

“We’re delighted that through the Digital Disruption Thinktank, Westpac is helping to kick-start game-changing new digital products that may have bilateral applications and markets. Westpac’s Global Talent ThinkTank will also explore exciting new ways to support and leverage multicultural, multinational teams.”

“As well as great cross-cultural skills and connections and the chance to get financial support for their ideas, participants will gain practical skills by developing and implementing an idea from concept through to reality,” she said.

As part of the program, Westpac’s Digital Disruption and Global Talent Thinktanks will comprise a three-month online component mentored by thought leaders from Westpac, followed by an intensive 5 day face-to-face Summit being staged as part of Sydney’s VIVID Ideas Festival from 1 to 5 June 2015. At the end of the program, participants will have the chance to pitch their ideas directly to Westpac for capital investment as well as participating in a general pitch on 5 June to venture capitalists in front of a public audience.

Participants will also benefit from training in cross-cultural awareness and form valuable networks with their Chinese peers, delivering long-term career benefits as Australia takes part in the Asian Century.

As part of the partnership Damien MacRae, General Manager Westpac Premium Banking, will join CAMP’s advisory board to provide strategic direction and commercial insight to the program.

Mr MacRae said: “Westpac is proud to partner with this fantastic initiative and I look forward to meeting with young leaders from CAMP who will create a blueprint for bilateral relations and help Australia and China develop strong bonds between our leading talent to drive change.

“Westpac, like our customers, knows that innovation is the engine of growth and is vital for sustained performance in a rapidly changing, digital economy. We are looking for delegates to develop innovative solutions in collaboration with industry to real world problems with a real world market.

“The 12-week program will bring together the best and brightest young leaders from Australia and China, help foster mutual cultural understanding as well as providing delegates an exceptional professional development program designed to stretch their creative problem solving and innovation skills,” he said.

Andrew Whitford, Westpac’s Head of Greater China, said connecting with the next generation of innovative leaders is aligned to Westpac’s own strategy, supporting the Australia-China corridor.

“We are strong supporters of the China Australian relationship. Between our two countries, the appetite to do business together has never been stronger. We need to better understand how to leverage ‘global talent’ to  help us succeed.

“We recognise that a diverse and globally talented workforce will help build greater interactions and customer flows from Asia and China, which will deliver a big component of our future growth,” he said.

CAMP applications are open for people aged 18 to 35 years of age from Australia and China who believe they possess the drive, passion and willingness to expand their horizons and collaborate. Details can be found at www.australiachina.org. The closing date for applications is 28th February.

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Rob Whitfield

Westpac Banking Corporation (Westpac) announced it has opened its first sub-branch in the Shanghai Free Trade Zone (FTZ).

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Westpac Report: “Tapping into the Renminbi Opportunity – Trade, Capital and People flows in the Asian century”

Westpac Institutional Bank yesterday launched a Special Report on the liberalisation of China’s financial system and the benefits for customers across Asia, Australia and New Zealand as economic ties with China grow closer.

The Chinese Government is rolling out a sequence of reforms designed to increase the use of its currency, the renminbi (RMB) in international trade and investment. Establishing RMB settlement hubs in major financial centres outside of China and reducing restrictions on cross boarder capital flows are focal points of this initiative.

Westpac’s China Report, “Tapping into the Renminbi Opportunity – Trade, Capital and People flows in the Asian century”, delves into the expected benefits and challenges of this as Australia builds stronger links with its largest trading partner.

According to Balaji Swaminathan, General Manager Westpac Asia, the expanded use of the RMB and carefully sequenced opening of China’s capital account will integrate China as a key player in global capital markets and have profound economic implications for its major trading partners such as Australia.

“China’s economic size, diversified trade and high growth economy mean the RMB has the potential to become one of the world’s most widely used currencies by 2020.

“This has broad implications for many of our customers as the RMB becomes a fully convertible, global currency – as important in daily operations and trade flows as the AUD, NZD and USD,” he said.

According to the Report, while China is an established global economic power the country’s economic might has not yet been matched by its global financial integration.

This will not persist in the long run, as the Chinese authorities are committed to a liberalisation process and have already taken a number of important deregulatory and market-oriented steps.

The Report highlights the benefits of this process, including;

The tip of the iceberg

Huw McKay, Westpac’s Senior International Economist believes that China’s tightly controlled capital account has artificially restricted China’s share of international financial transactions, which are trivial when compared with its slice of the real economy.

“Today, China accounts for around 16% of world GDP but its share of private capital flows are a mere fraction of that. But as barriers to capital movement are progressively lifted, this anomaly will be corrected.

“China’s geographic share of global foreign exchange transactions could rise from a meagre 0.4% in 2010 to 15% by 2030.

“However, trade related flows alone will not be enough to achieve this outcome. Diversified cross holdings of Chinese assets abroad and foreign assets in China must develop if these projections are to be reached,” he said.

Challenges to overcome

Westpac’s China Report highlights that while many corporates may be aware that there could be benefits available from direct RMB payments, for a number of reasons, these are not being captured.

The RMB is the second most used currency in trade finance, but at present very few Australian businesses actually invoice and settle trades in RMB.

Westpac anticipates that momentum in Australia will follow a similar accent as other offshore RMB settlement hubs around the world such as Singapore and London, as larger pools of liquidity, trade and transactional flows have encouraged confidence and further market activity.

Until this happens, Australia isn’t necessarily going to see advantages of direct transactions with the renminbi straight away. Years of familiarity dealing with the US dollar are unlikely to be replaced overnight. Many businesses prefer the certainty of the familiar over the promises of the new. Others may be uncertain about their ability to negotiate discounts and settlement terms to reduce operating costs – with flow-on effects to working capital management.

In response to these dynamics, Balaji Swaminathan said that although our customers may not consider direct dealings in RMB imperative yet, it is central to our Asia strategy to support them as they navigate this change that is likely to take place in the medium term as new opportunities emerge.

“Establishing deeper financial and trading relationships with China is not without its challengeshowever it will be enviable as China continues to liberalise its financial market.

“From Westpac’s point of view, sitting on the sidelines and observing the transformation in China is not an option. Now is the time to help our customers understand the current state of play and look for ways to grow their business through China’s more accommodative markets and freely traded currency,” he said.

Click here to view the report.

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A member of Westpac Institutional Bank’s Executive Team, Ms Slade will oversee global transactional services for Westpac’s corporate and institutional customers. She will also manage all payments networks and corporate cash requirements for corporate customers.

Leading the GTS team, she will be responsible for developing and implementing the growth strategy for that business, focusing on key growth markets and servicing Westpac’s customers.

Ms Slade has close to 20 years’ experience in financial services. She first joined Westpac in 1999 and has held key and diverse roles during her 15
years with the Group including Head of Group Strategy, Head of International Products for the institutional bank, Head of Group Diversity and Flexibility and most recently General Manager of Transformation and

Delivery where she has played a critical role in driving critical change across key areas of the Group.

Rob Whitfield, Chief Executive, Westpac Institutional Bank said: “I am delighted to have Rachel join the team as General Manager, GTS. She brings with her a deep and broad strategic capability which will help to grow Westpac’s leadership position as the number one transactional bank
in Australia.

“This internal promotion continues to demonstrate the depth of talent at Westpac and our ability to continue to identify and foster high potential leaders.” Rob Whitfield said.

Ms Slade will commence in early September.

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Westpac releases China Consumer Sentiment Survey

Westpac Institutional Bank (Westpac) has partnered with MNI Indicators to co-produce an independent monthly report on the Chinese consumer: The Westpac MNI China Consumer Sentiment Survey.

The key headline indicator from the survey is the Westpac MNI China Consumer Sentiment Indicator (Westpac MNI China CSI). MNI Indicators is part of MNI, a subsidiary of one of the world’s largest exchange organisations, Deutsche Börse AG.

To be launched on Wednesday, 28 May 2014, the Westpac MNI China CSI aims to become the primary reference point for key decision makers around the world seeking to better understand the current and future state of the Chinese economy, with special reference to the household sector.

Formally known as the MNI China Consumer Indicator, it has been calculated since 2007 and is disseminated by MNI Indicators on a subscription basis. Following the partnership with Westpac, the Westpac MNI China CSI will be available on a monthly basis through Westpac’s global research portal WIB IQ or by subscription from MNI Indicators. Westpac’s expert interpretation and analysis will significantly enhance global access to this information given the bank’s authority in tracking consumer sentiment in Australia for over 40 years and in-depth analysis of the Chinese economy.

The Westpac MNI China CSI also sits alongside MNI Indicators’ range of business and consumer indicators in China, India, Russia and the United States.

Westpac’s Senior International Economist Huw McKay said the Chinese household sector is already an important factor in the determination of global growth, and that importance will increase over time.

“The Westpac MNI China CSI will take the pulse of China’s consumer mega market on a monthly basis thereby gauging one of the most critical rhythms of the global economy in a timely fashion.  This survey will complement the official data, with an easy to interpret monthly report underpinned by a pre-existing and well understood research methodology,” McKay said.

Chief Economist of MNI Indicators Philip Uglow said, “We’re delighted that our co-operation with Westpac means that this deep mine of data on the Chinese consumer will now reach an even larger audience.”

“As well as key top level data to show how the Chinese economy is performing, our database of more than a hundred thousand data points over the past seven years allows professionals to analyse all aspects of Chinese households by major city, region, income, gender and age. It provides unique insights into the minds of Chinese consumers on a range of topics, including personal finances, spending, housing, autos, equity markets and employment,” Uglow added.

Westpac’s Head of Greater China Andrew Whitford said, “While there are a number of closely watched business surveys in China, this will be the only independent monthly insight into the psyche of the Chinese household sector.”

“Westpac’s expertise in this field makes us well placed to cover consumer sentiment in China and delivers on our strategy of connecting our global customers to the flow of trade, capital, investment and people through the China Corridor,” Whitford said.

The Westpac MNI China CSI is based on the methodology developed by the University of Michigan’s U.S. Consumer Sentiment Index, which has been in use since 1946. The Westpac-Melbourne Institute Australian Consumer Sentiment Survey, founded in 1973, was also modelled on the University of Michigan survey.

The use of a pre-existing and highly regarded framework for the survey should give confidence to users that the data that they have in their hands is a robust tool for both tracking the state of the Chinese household economy and the facilitation of international comparisons. The sample size for the Westpac MNI China Consumer Sentiment Survey is larger relative to the sample population that is used in the U.S., which leads to a smaller sampling error (3.5% versus 5%).

The Westpac MNI China Consumer Sentiment Survey will be launched on Wednesday, 28 May 2014. After the inaugural release, the Survey findings will be published on the final Wednesday of each calendar month at 09:45 Beijing time.

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Ms Wanless will join Westpac in January 2014, building on a distinguished career in banking and financial services most recently as Country Manager of Bank of America NA Australia Branch (BAML). In a career spanning 24 years, Ms Wanless has held senior leadership positions at Bank of America Merrill Lynch, HSBC Bank and Commonwealth Bank.

In her most recent role, Ms Wanless was responsible for leading the Corporate Banking business involving coverage of Australian corporates, global MNCs and the Financial Institutions Group. Ms Wanless has also been co-Chair of BAML’s Asia Pacific Diversity and Inclusion Council and Chair of the Australian Capital Committee. Ms Wanless received the Insto Advancement of Women in Banking and Finance award for 2010.

Joining the CIB Executive Team, Ms Wanless will report to Andrew McDonald, General Manager, Corporate & Institutional Banking, WIB and will be responsible for delivering the institutional bank’s customer engagement strategies across: bank and non bank financial institutions, insurance, government, education, Not-For-Profits, health care and diversified customer portfolios.

General Manager, Corporate & Institutional Banking, WIB Andrew McDonald said, “This is a significant role overseeing one of the institutional bank’s largest market segments, supported by a team of approximately 55 people globally.”

“We have earned a position as the lead domestic relationship bank[1] and are looking to build on this strength through our disciplined approach to account planning and developing deep and enduring partnerships with all of our customers globally.”

“Janie’s extensive experience and impressive leadership track record makes her a strong addition to our leadership team that has successfully driven this strategy and culture of high performance,” he said.

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