As of July 2025, Westpac's share in the business lending sector stood at 16.1%, an increase from 15.3% the previous year. Despite this growth, the bank trails behind National Australia Bank (NAB) and Commonwealth Bank, which hold 21.6% and 18.85% of the market, 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 Chief Executive of Business Banking and Wealth, emphasized the bank's renewed focus on business banking, marking a strategic shift from previous years. This initiative is not just about increasing personnel but also about enhancing the bank's capabilities to better serve small and medium-sized enterprises (SMEs).
For SMEs, this expansion could translate into more tailored financial products and services, streamlined application processes, and potentially more competitive loan terms. Westpac's commitment to bolstering its business banking resources indicates a recognition of the vital role SMEs play in Australia's economy and the need to support their growth and sustainability.
In a competitive banking landscape, Westpac's proactive approach may also prompt other financial institutions to enhance their SME offerings, leading to a more dynamic and supportive environment for small businesses seeking financing solutions.
