By Peter Bowers, ABC News Westpac can’t claim to be the cheapest bank in the world, but it is the only one that is trusted by a large number of Australians.
It is also the only national bank that has the capital to back it up.
Westpac’s reputation has been damaged by a number of scandals, but the company remains among the most respected in Australia.
Westbank’s biggest scandals involved a scheme to make its own money and a massive insider-trading scandal that exposed the financial machinations of its former CEO and other senior executives.
Westbills chief executive officer Mark Waugh says the company is working hard to repair the damage and is “deeply sorry”.
“As we move forward, we are committed to building a better, stronger Westpac,” Mr Waugh said.
West Bank’s chief executive Mark Waughes, left, and chief operating officer Steve Pemberton, right, arrive for the company’s annual general meeting in Sydney in December.
Photo: Daniel Munoz The Westpac scandal highlighted the weaknesses of the bank’s existing financial management structure and the need for a new, more robust approach to managing its assets.
The company had a $7.7 billion cash position and a surplus of more than $500 million at the end of December.
West bank executives and senior executives faced a number or questions about the financial position and the future of the company.
Mr Waughe said Westpac would be “more aggressive” in its handling of its assets, including by hiring a former high-profile financial adviser, who is now advising on how to fix Westpac.
Mr Pemberson, the company chief operating office, has also been accused of breaching corporate conduct codes.
West banks annual general meetings are held in Sydney, where the company has about 70,000 staff, including thousands of accountants, accountants and compliance staff.
The Westbilling scandal was a huge embarrassment for the bank, which had just been acquired by Bankwest.
Mr Westbury says Westpac will continue to focus on growing its network and developing the bank to be a major player in the payments sector.
West pac chief executive says ‘we are sorry’ in Westpac scandals Read moreWestpac’s chief financial officer, James McBride, has resigned.
Mr McBride was given the job of overseeing the company after former CEO Tim Flannery resigned in January.
WestPac was also caught up in the Westpac insider-laundering scandal.
Westernpac’s former chief financial office was fined $9.3 million by a federal court in May over a $US1.9 billion scheme that included money laundering.
The Australian Securities and Investments Commission (ASIC) is also investigating the scheme.
The ABC understands Westpac has already been granted a temporary injunction that could see it stay open until it completes the investigation.
WestBank has been accused by former executives of failing to investigate a Westpac executive for a period of five years and failing to respond to complaints about the conduct of other employees.
Mr Flannery, who was replaced as Westpac chief executive in January, says the allegations about the Westbank are “deep and serious”.
“It’s a matter of very serious allegations,” he said.
“These are serious allegations and they need to be dealt with seriously and fairly.”
Westpac CEO Mark Wince said the company would continue to take the appropriate steps to ensure that it remained an asset management company.
“We are deeply sorry for the hurt and distress caused by the Westbanking scandal and the pain and suffering that it has caused Westpac shareholders and our customers,” he told the ABC.
“It was our responsibility to address it, we took the appropriate actions and we are working with the ASIC and ASIC to ensure we have a successful and sustainable future.”
Westbusta chairman, former CEO, Mark Wagner, says Westbanks biggest scandals were ‘deeply embarrassing’ and ‘serious allegations’ that needed to be investigated.
“There are many issues and challenges facing the bank that we have not been able to resolve,” he added.
“What is at risk is the bank itself, its reputation, its future and its future shareholders and we will make sure we take the necessary action to ensure it is a strong and sustainable company.” “
Westbank chairman, Mark Wagner, leaves the Westcorp building in Sydney. “
What is at risk is the bank itself, its reputation, its future and its future shareholders and we will make sure we take the necessary action to ensure it is a strong and sustainable company.”
Westbank chairman, Mark Wagner, leaves the Westcorp building in Sydney.
Photo of Westpac building: ABC News This is the latest in a series of scandals at Westpac that has seen a number former executives and management positions suspended or fired.
Mr Wagner was also forced to step down from the Westwest board in January following a bribery scandal involving former CEO Kevin Lai.
Westcorps board member and former CEO Mark Wagners resignation letter, March 25, 2016.
The financial problems have also left the company facing an $