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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Westpac Banking Corp Ltd (PK) | USOTC:WEBNF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.10 | 17.45 | 19.50 | 0.00 | 14:29:58 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
July 19, 2024
Commission File Number 1-10167
WESTPAC BANKING CORPORATION
(Translation of registrant’s name into English)
275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Index to Exhibits
Exhibit No. |
Description | |
1 | ASX Release – Reduction in operational risk capital overlay |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
WESTPAC BANKING CORPORATION | ||
(Registrant) | ||
Date: July 19, 2024 | By: | /s/ Esther Choi |
Esther Choi | ||
Tier One Attorney |
Exhibit 1
![]() |
Level 18, 275 Kent Street |
Sydney, NSW, 2000
| |
19 July 2024
Reduction in operational risk capital overlay
Westpac acknowledges the Australian Prudential Regulation Authority’s (APRA) decision to reduce Westpac’s total operational risk capital overlay from $1 billion to $500 million. The Common Equity Tier 1 (CET1) capital ratio will increase by approximately 18 basis points, reflecting a reduction in risk weighted assets of $6,250 million. This change will apply with immediate effect.
Over the past four years, Westpac has delivered a significant program of risk culture and risk management uplift through our Customer Outcomes and Risk Excellence (CORE) Program. The Group is currently in the transition phase to demonstrate the sustainability and effectiveness of changes made following the completion of the Integrated Plan in December 2023.
Westpac CEO Peter King said: “Westpac is now a simpler, stronger bank with substantially improved risk governance. We have moved into the transition period, which involves sustainably embedding the uplift in risk management practices.”
Background
APRA had previously applied two separate $500 million operational risk capital overlays in 2019.
These overlays were applied through an increase in risk weighted assets. The impact on Level 2 CET1 capital ratio as at 31 March 2024 was a reduction of 36 basis points.
For further information:
Hayden Cooper | Justin McCarthy |
Group Head of Media Relations | General Manager, Investor Relations |
0402 393 619 | 0422 800 321 |
This document has been authorised for release by Tim Hartin, Company Secretary.
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