Westpac To Raise $2.5 Billion via Placement

  • Nov 04, 2019 AEDT
  • Team Kalkine

Westpac Banking Corporation (ASX: WBC) has launched a capital raising, which comprises of a fully underwritten $2 billion institutional placement and a non-underwritten share purchase plan to raise approximately $500 million.

The amount raised will be able to provide an increased buffer above the Australian Prudential Regulation Authority’s (APRA’s) questionably strong Common Equity Tier 1 (CET1) capital ratio benchmark of 10.5%. About 46 to 58 basis points will be added Westpac’s Level 2 CET1 capital ratio and the placement will be undertaken at a fixed price of $25.32 per new share.

In the morning, WBC’s shares were placed in a trading halt and is expected to recommence on 5 November 2019.

 

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