Westpac Banking Corporation has unveiled an ambitious plan to bolster its presence in the Australian business lending market by recruiting 350 additional bankers over the next two years.
This initiative is part of Westpac's broader strategy to reclaim its former leadership position in the sector, which has seen intensified competition among Australia's major banks.
As of July 2025, Westpac's share in the business lending market stood at 16.1%, marking an increase from 15.3% the previous year. Despite this growth, the bank trails behind National Australia Bank (NAB) and Commonwealth Bank of Australia (CBA), which hold 21.6% and 18.85% of the market share, respectively. To bridge this gap, Westpac has already onboarded 135 business bankers in 2025, with plans to continue this recruitment drive.
Paul Fowler, Westpac's newly appointed Chief Executive of Business Banking and Wealth, emphasized the bank's renewed focus on business banking. This strategic shift aims to address the evolving needs of Australian enterprises and capitalize on emerging opportunities in the market.
In a bid to attract more clients, Westpac, along with CBA, has been offering reduced lending rates. This move is particularly timely, considering NAB's recent leadership changes, including the appointment of a new head of business banking with no prior experience in the role. Such developments present an opportunity for Westpac to strengthen its position and capture a larger share of the business lending market.
Westpac's business and wealth division reported a net profit of A$1.1 billion in the first half of the financial year, contributing significantly to the bank's overall net profit of A$3.3 billion. This robust performance underscores the potential of the business lending segment and validates Westpac's strategic focus.
For Australian business owners and entrepreneurs, Westpac's expansion signifies increased access to tailored financing solutions. The bank's commitment to enhancing its business banking capabilities aligns with the needs of enterprises seeking flexible and competitive loan options to support their growth and operational objectives.
In conclusion, Westpac's proactive approach to expanding its business lending operations reflects a broader trend in the Australian banking sector, where institutions are vying for dominance in a competitive landscape. For businesses, this translates to more choices and potentially better terms, fostering a conducive environment for growth and innovation.
