Westpac was established in 1817 as the Bank of New South Wales and is the oldest Australia's bank. Westpac provides retail, private, corporate and investment banking, wealth management and insurance products and services to individuals, small-to-medium enterprise, commercial and agribusiness customers in Australia and New Zealand.
Westpac Banking Corporation has Category B banking license number 80035 issued by the Cayman Islands Monetary Authority. This type of license allows Westpac Banking Corporation to conduct banking operations with non-residents and domestic banking business with other Cayman Islands licenced entities.
There is no deposit guarantee scheme in the Cayman Islands: in the case of Westpac Banking Corporation failure its depositors will not get any compensation.
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
There is no deposit guarantee scheme in the Cayman Islands.
In the case of Westpac Banking Corporation failure its depositors will not be paid out any compensation.