Westpac (ASX:WBC) completes $2 billion institutional placement

Company News

by Rachael Jones

Westpac (ASX:WBC) has successfully completed a $2 billion institutional placement.

It’s hoped to cover the cost of future litigation related to customer remediation issues.

Approximately 79 million new fully paid ordinary shares in Westpac have been issued at the price of $25.32.

The bank announced the capital raising yesterday sending bank shares lower.

Westpac's full-year cash profit dipped 15 per cent to $6.85 billion in what chief executive Brian Hartzer dubbed a disappointing year.

Shares in Westpac (ASX:WBC)
  

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.