Westpac announces support for businesses affected by Coronavirus

From

Westpac has announced support measures for business customers financially affected by the outbreak of Coronavirus. The measures will be available to eligible customers immediately and will remain in place for customers financially affected by the Coronavirus outbreak for an initial period of three months. Guil Lima, Chief Executive, Business Division said the impacts of the […]

continue reading

Westpac announces John McFarlane as incoming Chairman

From

Westpac Group has announced the appointment of Mr John McFarlane to the Westpac Board as Non-Executive Director and Chairman-Elect, succeeding Lindsay Maxsted on 2 April 2020. Mr McFarlane will commence his role as Non-Executive Director in February, subject to regulatory approvals. Mr Maxsted said, “Mr McFarlane is not only well known in Australia and New […]

continue reading

Westpac completes Share Purchase Plan raising approximately $770 million

From

Westpac has announced the completion of its Share Purchase Plan (“SPP”) following the closing of the SPP on 2 December 2019. The SPP raised approximately $770 million and approximately 31.9 million new shares in Westpac (“SPP Shares”) will be issued to successful applicants on 11 December 2019. In accordance with the SPP Terms and Conditions, […]

continue reading

Westpac announces new Acting Group Executive Enterprise Services

From

Westpac Group has announced that Alastair Welsh has been appointed Acting Group Executive Enterprise Services while Gary Thursby acts in the role of Chief Financial Officer. Incoming Acting Chief Executive Officer Peter King said: “Al is an experienced member of the senior leadership team and has provided more than 25 years of service to the […]

continue reading

Westpac appoints Board Financial Crime Committee and announces Promontory to undertake Financial Crime Program and Accountability Review

From

Westpac Group Chairman, Lindsay Maxsted yesterday announced that Promontory had been appointed to undertake the External Accountability and Financial Crime Program Review outlined in Westpac’s Response Plan. The review, commissioned by the newly appointed Westpac Board Financial Crime Committee, would commence immediately. “Westpac is determined to urgently address the issues that have given rise to […]

continue reading

Westpac Board announces CEO and Board changes

From

Westpac Group Chairman Lindsay Maxsted yesterday announced a number of executive and Board changes in the wake of the AUSTRAC Statement of Claim. Group Chief Executive Officer (CEO), Brian Hartzer will be stepping down as CEO with current Chief Financial Officer (CFO), Peter King taking over as acting CEO, effective Monday 2 December. Current Chief […]

continue reading

Westpac responds to AUSTRAC’s Statement of Claim

From

Westpac Group acknowledges the civil proceedings commenced by AUSTRAC yesterday in relation to alleged contraventions of its obligations under the Anti-Money Laundering and Counter Terrorism Financing Act. Westpac has previously publicly disclosed that it had self-reported to AUSTRAC a failure to report a large number of international funds transfer instructions (IFTIs) and that AUSTRAC was […]

continue reading

Westpac announces 2019 Full Year Result

From

Financial highlights Full Year 2019 compared to Full Year 20181 Statutory net profit $6,784 million, down 16% Cash earnings $6,849 million, down 15% Cash earnings per share 198.2 cents, down 16% Net interest margin 2.12%, down 10 bps Return on equity (ROE) 10.75%, down 225 bps Common equity Tier 1 (CET1) capital ratio of 10.7%, […]

continue reading

Westpac CFO Peter King to retire in 2020

From

Westpac Group Chief Executive Officer Mr Brian Hartzer has announced that Peter King, Chief Financial Officer, has decided to retire in 2020 after a distinguished 25-year career with Westpac. Mr King has been the CFO since 2014 and prior to his current role was Deputy CFO. Mr Hartzer said that Westpac had benefited from Peter’s […]

continue reading

Westpac receives APRA response to its Culture, Governance and Accountability self-assessment process

From

Westpac Group yesterday received APRA’s response to its Culture, Governance and Accountability (CGA) self-assessment process. In its response, APRA has decided to apply an additional $500 million to Westpac’s operational risk capital requirement. This follows APRA concluding that Westpac was required to improve its management and oversight of non-financial risk. The additional capital requirement will […]

continue reading