(21 December 2005 – Australia) Westpac has completed a A$1 billion off market share buyback, which amounts to almost three percent of its overall stock.The bank said shareholder demand led to it increasing its offer by A$300 million. Westpac had initially targeted A$700 million.
The bank said its strong capital position and ability to generate capital meant it could increase the size of the share offer.
“Westpac will buy back a total of 52.3 million shares, or 2.8 percent of Westpac’s ordinary shares on issue for a total consideration of A$1 billion.
The bank posted a A$2.82 billion net profit for 2005.