COMPANIES Westpac, which became Australia’s largest bank by market value last week after it completed the A$17bn (US$11.2bn) takeover of St George, is to raise A$2.5bn via an underwritten share offer to institutional investors to bolster its capital adequacy ratios.
It is the latest financial services group in Australia to raise equity after National Australia Bank last month raised A$3bn. Analysts expect a series of equity fund raisings as the country’s banks strengthen their capital positions due to rising bad debts.
