West­pac’s $ 750m bid

Townsville Bulletin - - NEWS -

WEST­PAC will look to raise $ 750 mil­lion through a notes of­fer to lift its cap­i­tal re­serves ahead of a move from the bank­ing reg­u­la­tor. The cap­i­tal notes will have an is­sue price of $ 100 and will pay a quar­terly dis­tri­bu­tion. West­pac said the notes will help strengthen its cap­i­tal po­si­tion, while also say­ing the pro­ceeds will be used for gen­eral busi­ness pur­poses. The move comes af­ter the Aus­tralian Pru­den­tial Reg­u­la­tory Au­thor­ity said it would in­crease mort­gage risk weights for the ma­jor banks and con­sider ways to lift Aus­tralian bank cap­i­tal lev­els to the top quar­tile of global peers.

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