Pursuits
Westpac to Raise A$3.5 Billion Amid Tighter Capital Rules
- Lender to offer shares at discounted A$25.50 per share
- Bank's full-year cash earnings rise 3% to A$7.82 billion
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Westpac Banking Corp. will seek to raise A$3.5 billion ($2.5 billion) in a rights offering as it joins Australia’s other major lenders in shoring up capital to meet stricter regulations.
The Sydney-based lender is offering shares at A$25.50 each, 16 percent lower than Tuesday’s closing price, in the fully-underwritten offering, it said in a statement to the ASX on Wednesday. Unaudited full-year cash earnings rose 3 percent to A$7.82 billion.