As of July 2025, Westpac's share in the business lending market stood at 16.1%, an increase from 15.3% the previous year. Despite this growth, the bank remains behind National Australia Bank (21.6%) and Commonwealth Bank (18.85%). To bridge this gap, Westpac has already onboarded 135 business bankers in 2025 and plans to continue this recruitment drive.
Paul Fowler, Westpac's Chief Executive of Business Banking and Wealth, emphasized the bank's renewed focus on business banking, marking a strategic shift from previous years. This move is expected to enhance the bank's ability to serve small and medium-sized enterprises (SMEs) more effectively, offering tailored financial solutions and support.
In addition to expanding its workforce, Westpac is investing in digital technologies to streamline loan application processes and improve customer experience. This dual approach of human expertise and technological innovation aims to provide faster approvals and more personalized services to business clients.
For Australian business owners, this development signifies increased access to competitive lending options. The addition of experienced bankers and enhanced digital platforms can simplify the borrowing process, making it more transparent and efficient.
In conclusion, Westpac's commitment to bolstering its business banking capabilities reflects a broader trend in the Australian financial sector, where banks are intensifying efforts to support the SME community. This strategic expansion is poised to offer businesses more choices and better services, fostering growth and resilience in the economy.
