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)