Westpac pre-empting APRA with notes offer
(29 July 2015 – Australia) Westpac plans to raise A$750 million through a notes offer to help strengthen its capital position.
It aims to lift its capital reserves ahead of a move from the banking regulator, the Australian Prudential Regulatory Authority (APRA).
Westpac said the capital notes will have an issue price of A$100 and will pay a quarterly distribution.
The bank said the proceeds would be used for general business purposes as well as helping to raise its capital.
Earlier in July, APRA said it would increase mortgage risk weights for the major banks and consider ways to lift Australian bank capital levels to bring them in line with the top quartile of global peers.
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