Westpac Banking Corporation
(ASX:WBC) has announced a $3.5 billion share entitlement offer.
Westpac said it is undertaking a fully underwritten pro rata accelerated renounceable entitlement offer to raise approximately $3.5 billion of ordinary equity.
Westpac also said today it will increase interest rates on its variable home loan and residential investment property loan by 0.2 percent.
The new rates are a response to increased capital requirements and will take effect from 20 November 2015.
The company also announced a 6 percent increase in statutory net profit to $8.01 billion in its unaudited preliminary full year 2015 result.
Westpac reported a net profit of $3.64 billion at 31 March 2015.
