---
endpoint: analytics
pattern: Financial Services
status: done
latency_ms: 103562
conversation_id: c5d213f9-7d65-4091-859c-2acb48043e82
citations: 3
created: 2026-05-31 18:32:30Z
---

# Who are the key shareholders of Westpac?

# Westpac Banking Corporation (WBC) — Key Shareholders

Westpac is an Australian Big-4 bank with an extremely widely held share register dominated by **custodian / nominee accounts** that warehouse holdings for the underlying institutional asset managers (Vanguard, BlackRock, State Street, super funds, etc.). The company is not controlled by any single substantial shareholder.

## Top 20 Ordinary Shareholders (as at 30 September 2024) [1]

Source: Westpac Group 2024 Annual Report — Shareholding Information section.

| Rank | Shareholder (Nominee/Custodian) | Shares (Fully Paid Ordinary) | % Held |
|---|---|---:|---:|
| 1 | **HSBC Custody Nominees (Australia) Limited** | 866,714,876 | **25.18%** |
| 2 | **JP Morgan Nominees Australia Pty Limited** | 512,401,798 | **14.89%** |
| 3 | **Citicorp Nominees Pty Limited** | 228,997,948 | **6.65%** |
| 4 | BNP Paribas Nominees Pty Ltd <Agency Lending A/C> | 61,463,468 | 1.79% |
| 5 | National Nominees Limited | 40,456,973 | 1.18% |
| 6 | BNP Paribas NOMS Pty Ltd | 26,864,218 | 0.78% |
| 7 | HSBC Custody Nominees (Australia) Limited <NT-Commonwealth Super Corp A/C> | 25,113,326 | 0.73% |
| 8 | Citicorp Nominees Pty Limited <Colonial First State Inv A/C> | 24,642,154 | 0.72% |
| 9 | Pacific Custodians Pty Limited <WBC Plans Ctrl A/C> | 18,679,841 | 0.54% |
| 10 | Netwealth Investments Limited <Wrap Services A/C> | 16,586,728 | 0.48% |
| 11 | BNP Paribas Nominees Pty Ltd <HUB24 Custodial Serv Ltd> | 15,361,493 | 0.45% |
| 12 | Australian Foundation Investment Company Limited | 13,282,500 | 0.39% |
| 13 | Argo Investments Limited | 8,807,648 | 0.26% |
| 14 | IOOF Investment Services Limited <IPS Superfund A/C> | (in top 20) | — |

[1]

The **top three custodian-nominee accounts (HSBC, JP Morgan, Citicorp) together hold ~46.7%** of Westpac's ordinary shares as at 30 Sep 2024 [1]. Including the next BNP Paribas and National Nominees lines, custodians account for the overwhelming bulk of the register — these are bare-trustee accounts holding shares on behalf of institutional fund managers, not beneficial owners themselves.

## How to Read This Register

- **HSBC Custody Nominees, JP Morgan Nominees, Citicorp Nominees, BNP Paribas Nominees, National Nominees** are global sub-custodians. They are NOT the beneficial owners. The underlying beneficial owners (Vanguard, BlackRock, State Street, Australian super funds, sovereign wealth funds, retail HINs) sit one layer behind these accounts.
- **Pacific Custodians <WBC Plans Ctrl A/C>** (0.54%) is the employee share plan vehicle.
- **Australian Foundation Investment Co (AFIC)** and **Argo Investments** are the two largest Australian-listed investment companies (LICs) and recurring direct holders in all major ASX banks.
- The HSBC line jumped to 25.18% in FY2024 from 22.29% in FY2020 [1], reflecting consolidation of custody mandates into HSBC rather than any single beneficial holder taking a controlling stake.

## Substantial Holders / Beneficial Owners

Westpac's FY2024 Annual Report Shareholding Information section does not list any beneficial-owner substantial holdings above the 5% ASX notice threshold for ordinary shares — meaning no single institution (Vanguard, BlackRock, or otherwise) has filed as a substantial holder of WBC. Ownership is highly fragmented at the beneficial level, consistent with the other Australian Big-4 banks (CBA, ANZ, NAB).

## Hybrid / Capital Note Holders (FY2024)

For completeness — Westpac also has several listed hybrid lines whose top-20 holder lists are dominated by the same custodian nominees plus retail-platform aggregators:

- **Westpac Capital Notes 5**: HSBC Custody (6.87%), Citicorp (4.61%), BNP Paribas/HUB24 (3.52%) [2]
- **Westpac Capital Notes 7**: Citicorp (7.06%), HSBC Custody (5.94%), Citicorp/NMMT (2.59%) [3]

## Internal Research View (CLSA)

CLSA's most recent Westpac-specific coverage (May 2025 — "Westpac – U-PF (Margin headwinds)", and March 2025 "Westpac – HLD (United)") focuses on margin trajectory, capital, and asset-quality framing rather than register composition. The internal CLSA notes do not provide an alternative shareholder breakdown — for register data the FY2024 Annual Report is the authoritative source.

## Bottom Line

- **No controlling or substantial beneficial shareholder.** WBC is widely held.
- **Top of register is dominated by custodian nominees** (HSBC, JPM, Citi, BNP Paribas, National) holding ~50%+ on behalf of underlying institutions [1].
- **Largest identifiable direct beneficial holders** in the top 20 are Australian LICs — AFIC (0.39%) and Argo Investments (0.26%) — plus the company's own employee share-plan vehicle (Pacific Custodians, 0.54%) [1].
- This pattern is structurally identical to ANZ, CBA, and NAB — typical of an ASX 20 blue chip.

---
**Sources**
[1] Westpac Banking Corporation — 2024 Annual Report, Shareholding Information (Top 20 ordinary shareholders as at 30 September 2024)
[2] Westpac Banking Corporation — 2024 Annual Report, Shareholding Information (Top 20 holders of Westpac Capital Notes 5)
[3] Westpac Banking Corporation — 2024 Annual Report, Shareholding Information (Top 20 holders of Westpac Capital Notes 7)

## Citations

- [1] **Westpac Banking Corporation annual_report 2025-02-05** · external
- [2] **Westpac Banking Corporation annual_report 2025-02-05** · external
- [3] **Westpac Banking Corporation annual_report 2025-02-05** · external

