Stocks of the Hour: Westpac, AMP & Credit Corp

Company News

by Lauren Evans

Westpac (ASX:WBC) is set to resolve six civil penalty proceedings filed against it, after agreeing to pay $113 million in fines. The banking giant has admitted to the allegations and agreed to pay $80 million in compensation to thousands of customers. Shares in Westpac Banking (ASX:WBC) are trading 0.5 per cent lower at $20.81.

Financial services provider AMP (ASX:AMP) says it is on track to demerge its Private Markets business (PrivateMarketsCo) in the first half of 2022. The move is set to enable the two businesses to increase focus on their own markets and growth opportunities. Shares in AMP (ASX:AMP) are trading 5.7 per cent higher at $1.06.

Credit Corp (ASX:CCP) has acquired the assets of Radio Rentals from Thorn Group (ASX:TGA) for $60 million. The company revised its earnings guidance for 2022 based on the transaction, which is expected to go ahead before the end of the year. Shares in Credit Corp (ASX:CCP) are trading 9.6 per cent higher at $33.10.

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