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Westpac completes capital raise

  • December 12 2019
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Westpac completes capital raise

By Cameron Micallef
December 12 2019

Westpac has surpassed its $500 million capital raise from retail investors, despite the major bank facing scrutiny from the corporate regulator.

Westpac

Westpac completes capital raise

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  • December 12 2019
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Westpac has surpassed its $500 million capital raise from retail investors, despite the major bank facing scrutiny from the corporate regulator.

Westpac

In the weeks leading up to the capital raise, it came out that Australian anti-terrorism regulator AUSTRAC is seeking civil penalty orders against the big four bank for more than 23 million alleged breaches of the anti-money laundering laws.

While the scandal cost Westpac its CEO, the bank still managed to raise $770 million under its Share Purchase Plan (SPP).

The result this weeks saw Westpac issue approximately 31.9 million new shares on Wednesday to 40,990 applicants.

However, following the bank’s allowance for investors to walk away following the scandal, the final amount raised was $770 million, excluding $68 million from around 3,390 shareholders who no longer want to be a part of the SPP.

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The share plan had been available to around 618,300 shareholders.

The major bank’s raise proved controversial, with some questioning how much it knew about a potential AUSTRAC enforcement.

Westpac completes capital raise
Westpac
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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