The Westpac Group, a financial services firm based in Sydney, Australia, has announced a AUS$100 million ($93 million) gift — one of the largest in Australian history — to create a scholarship fund for Australian undergraduates, scholars, and researchers.

To be administered by the newly launched Westpac Bicentennial Foundation in partnership with three Australian universities, the fund will underwrite a hundred scholarships and awards a year to Australians who have the potential to shape the country's future. Opportunities for undergraduates include the Young Technologists program, which will offer between thirty and forty merit-based three-year scholarships annually with the aim of encouraging women and individuals from economically disadvantaged groups to pursue studies in a technology-related discipline; and Asian Exchange scholarships, which will enable thirty to forty undergraduates to spend a semester at a leading university in Asia.

Opportunities for graduate and postgraduate students include Future Leaders scholarships, which will be awarded to new or recent graduates in support of postgraduate study at a prestigious global institution; and the Best and Brightest program, which will provide awards to two postdoctoral researchers whose work could help enhance Australia's competitive position in technology and innovation and/or strengthen ties with other economies in the Asia/Pacific region.

"We strongly believe," said Westpac CEO Gail Kelly, "that as a vital part of the Australian community, Westpac has a responsibility to play a role in ensuring we capitalize on every opportunity to help nurture future leaders."