A major bank has launched a new charitable foundation, and it says the mortgage broking industry will see benefits from the initiative.
Westpac has announced the launch of the Westpac Bicentennial Foundation, an initiative it said is the largest private education scholarship program in the history of Australia. A one-off contribution of $100m will fund around 100 scholarships and awards every year.
Westpac general manager of broker distribution Tony MacRae told Australian Broker the foundation would provide support over five key areas: future leaders, Asian exchange, community leadership, young technologists and "best and brightest".
"This is Westpac's commitment to recognising and supporting the people who will shape Australia across all industry's, markets, communities and generations," MacRae said.
MacRae added that the foundation could also see flow-on benefits for the mortgage broking industry in the future.
"The Foundation will be instrumental in identifying and promoting future leaders who will shape the social and economic progress of our country over the next century, and the mortgage broker industry will benefit as we also look at the development and future leadership of people in our market," he said.