Westpac to consolidate its international operations

ASX
Release

14 OCTOBER 2020

Westpac to consolidate its international operations

Following a comprehensive review of its Asia, Europe and US businesses, Westpac
has decided to consolidate its international operations into three branches;
Singapore, London and New York.

This decision means the Group will exit operations in Beijing, Shanghai, Hong Kong,
Mumbai, and Jakarta.

Acting Westpac Institutional Bank (WIB) Chief Executive, Curt Zuber, said:
“Westpac’s priority is to focus on its core Australian and New Zealand customers
and to support them in areas where we have scale and capability.

“To support this, WIB will be focusing our international footprint in three critical
locations and streamlining the product set and customers we support outside
Australia and New Zealand.

“For WIB, the change will enable us to deliver products and services to customers
more efficiently. Our ambition is to be the leading Australian and New Zealand-
focused institutional bank for customers while delivering sustainable returns.

“We are fully committed to supporting our employees, customers and partners
through these changes,” Mr Zuber said.

The changes are not expected to have significant impact on cash earnings and, over
time, are planned to improve the Group’s capital efficiency, including by reducing
risk-weighted assets by over $5 billion.


For further information:

Mike Willesee Andrew Bowden
Head of Media Relations, WIB Head of Investor Relations
0466 379 081 0438 284 863


This document has been authorised for release by Tim Hartin, General Manager & Company
Secretary.

Level 18, 275 Kent Street
Sydney, NSW, 2000