12 Mar 2010

It is with great pleasure that Westpac announces the opening of a new Westpac retail banking branch in London to support our Australian and New Zealand customers. As Australia’s first bank (established in 1817), Bankers to the New Zealand Government and one of the largest financial institutions in Australasia we have a proud history of supporting the interests of Australians and New Zealanders abroad – in particular in the United Kingdom. 

Westpac first opened an office in London in February 1853 (even before our first branch in New Zealand) and as such is the oldest surviving foreign bank in the UK.  At our peak Westpac had approximately 900 staff and three retail bank branches across London.  Westpac was not only a bank, but also a home away from home for antipodeans visiting the UK – acting as a post office receiving 60,000 packages a year for our customers from their loved ones at home.  This presence in London was scaled down in the late 90’s, but Westpac is still focussed on supporting our customers here.

The reopening of a Westpac retail banking branch in the City of London is an important first step in providing better support and service to those aspirational Australians and New Zealanders in the UK and also those aspiring to live in Australia or New Zealand.  Westpac branding, Australian and New Zealand staff members in Westpac corporate wardrobe will ensure that customers have a similar experience to visiting a Westpac branch in Australia or New Zealand and have the benefit of local knowledge and support.  This cashless branch will be providing a physical place for us to delight three important customer segments:

Expatriate Customers – It is estimated that at any given time there are as many as 600,000 Australian and New Zealand expatriates living and working in the United Kingdom.  Westpac wants to better support these antipodeans upon their arrival in the UK, during their time here and again when / should they return home.  Westpac London Branch will provide them with local assistance in managing their finances here and at home.

Tourist Customers – Approximately 1.1 million Australians and New Zealanders visit the UK on business or holiday each year.  These visitors stay an average of 14 days and contribute approximately GBP190.0m to the local economy.  Many of these visitors are Westpac customers and we are seeking to provide better support for these customers should they require assistance.  Whilst we do already have 24 hour telephone assistance we believe providing a physical place for these customers to visit with the familiarity of a Westpac branch will provide a better customer experience – particularly when they are so far from home.

Migrant Customers – The UK and Europe continue to be high sources of skilled migrants to Australia and New Zealand.  Westpac actively works in this segment to ensure the transition from the UK to a new life downunder is as smooth as possible.  Opening banking facilities before they leave the UK and Europe and providing general advice and assistance is imperative in aiding people in making the choice to move to Australia or New Zealand and to settle in to their new life.  Westpac London Branch will provide these customers with a taste of the Westpac branch experience and the high level of service to expect once settled in their new country.

As Westpac approaches its 200th birthday in 2017 the group is looking at our history of serving and representing Australia, New Zealand and the Western Pacific and finding new ways to delight and support our customers in their endeavours.  From humble beginnings as the Bank of New South Wales, Westpac has emerged as a trusted and iconic Australasian brand – we’re 200 years young and a bank you can bank on.

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