Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 130

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 130
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Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
Associates are entities in which Westpac has significant influence, but not control, over the operating and financial policies. Westpac accounts for associates using the equity method. The investments are initially recognised at cost (except where recognised at fair value due to a loss of control of a subsidiary), and increased (or decreased) each year by Westpac’s share of the associate’s profit (or loss). Dividends received from the associate reduce the investment in the associate.
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Overseas companies predominantly carry on business in the country of incorporation. For unincorporated entities, ‘Country of incorporation’ refers to the country where business is carried on. The financial years of all controlled entities are the same as that of Westpac unless otherwise stated. From time to time, Westpac consolidates a number of unit trusts where Westpac has variable returns from its involvement with the trusts, and has the ability to affect those returns through its power over the trusts. These unit trusts are excluded from the table.
A complete list of controlled entities can be found in the Consolidated Entity Disclosure Statement. The following table includes the material controlled entities of Westpac as at 30 September 2025.

                    ​                       ​          ​           ​                        ​                         ​          ​        
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​                                               Country                ​                                                  Country         
Name                                        ​   of incorporation   ​   Name                                           ​   of incorporation
Asgard Capital Management Ltd                   Australia              Westpac Equity Holdings Pty Limited                Australia       
BT Portfolio Services Limited                   Australia              Westpac Financial Services Group Pty Limited       Australia       
Capital Finance Australia Limited               Australia              Westpac New Zealand Group Limited                  New Zealand     
Crusade trust No.2P of 2008                     Australia              Westpac New Zealand Limited                        New Zealand     
Series 2008-1M WST Trust                        Australia              Westpac NZ Covered Bond Limiteda                   New Zealand     
Series 2022-1P WST Trust                        Australia              Westpac NZ Securitisation Limiteda                 New Zealand     
Series 2024-1 WST Trust                     ​   Australia          ​   Westpac Overseas Holdings No. 2 Pty Limited    ​   Australia       
Series 2024-2 WST Trust                     ​   Australia          ​   Westpac Securities NZ Limited                  ​   New Zealand     
Sixty Martin Place (Holdings) Pty Limited   ​   Australia          ​   Westpac Securitisation Holdings Pty Limited    ​   Australia       
Westpac Bank - PNG - Limited