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The University of Melbourne will be a founding partner in a $100 million scholarship program. The Westpac Bicentennial Foundation launched the program on Wednesday 2 April. It aims to fund 100 scholarships every year from 2015 onwards.

Melbourne is one of three universities to receive the initial scholarships, along with the University of Sydney and the University of Wollongong. The foundation aims to expand to other universities over time.

The university will offer three scholarships entitled Future Leaders, Best and Brightest, and Asian Exchange. They are expected to be finalised by 2017.

Westpac is yet to announce details about funding arrangements for the scholarship program.