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  • 3 weeks later...




Across our organisation, we are working hard to ensure we remain open for business ... We must also look to the future for the best way for Westpac to meet the challenges," Mr King said.




yep!!! got prop manager team, but divy for all the banks seems under pressure .

cut the divy support reckless borrower ------way to running a biz!!



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  • 2 months later...



Our assessment is that, while not satisfactorily focused before 2017 and slow off the mark, the board’s response appears to have been appropriate after 2017, though reaction times remained slow




after self confess then the conclusion sound bit of positive after 2017.......

still think it worth a good look at it's current price... but as my hands are really tight, can't do much of myself!! :weirdsmiley:



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  • 2 weeks later...



Justice Jonathan Beach said although he accepted AUSTRAC would receive alerts about suspicious transactions it needed to investigate almost "continuouslyâ€, it needed to draw a line under the allegations.


"I do think it’s time to close this pleading for want of a better word ... We do need to guillotine it at some stage," Justice Beach said.




if the court's ended jugement in favour of WBC it could spark SP up 10% in one go imho.



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Westpac Banking Corporation announces a fully-underwritten offer of approximately 31

million Pendal Group Limited (ASX:PDL) (Pendal) shares (which is circa 9.5% of Pendal's

shares on issue) (the Offer) to institutional investors domiciled in Australia and other

relevant jurisdictions1

. This announcement is consistent with Westpac’s disclosures since

the time of its previous sell-down of Pendal shares in 2017 in which Westpac has indicated

that it would sell its remaining stake in Pendal at some future date.

The Offer price for the shares has been set at $5.98 per share, which is a discount of 4% to

Pendal's last closing price of $6.23 on 17 June 2020 and a 5.1% discount to the 30-day

VWAP of $6.30.

Finalisation of the Offer will complete the divestment of Westpac’s proprietary shareholding

in Pendal, following earlier share sales in 2007, 2015, and 2017.

Acting Chief Financial Officer, Westpac Banking Corporation, Gary Thursby said: “Pendal is

a highly regarded, independent business, and given Westpac’s commitment to simplify its

operations and focus on banking in Australia and New Zealand, now is the right time to

complete our divestmentâ€.

Completion of the Offer is expected to add approximately 2 basis points to Westpac’s

Common Equity Tier 1 capital ratio and will result in a post-tax accounting gain for Second

Half 2020 of $32m that will be included in Westpac's Full Year 2020 statutory result.

Consistent with past practice, the gain will be excluded from the calculation of Westpac’s

cash earnings2


UBS is acting as Sole Lead Manager, Underwriter and Bookrunner of the offer.

Settlement of the transaction is expected to occur on 22 June 2020.




good to see the sell down, about 180mil in the bag, nice!!

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  • 2 months later...

Westpac ... wealth management

Westpac, Australia's oldest bank, is pursuing the same model as the biggest bank, CBA. A model of wholesale only. Like NAB, however, it has moved the private bank into the business division.


It seems like a lifetime but it was only 18 months ago the bank said it was resetting its wealth strategy with the sale of its employed adviser arm to Viridian. Like the others, it has not turned its back on wealth entirely with about 500 staff at its private arm.


Ashley Stewart, managing director of Westpac Private Wealth, says it specialises in providing banking, lending and investment services to 10,000 customers.

Our global investment service for high net worth individuals is one of the market's fastest-growing propositions for sophisticated, wholesale investors with investable assets above $1 million, he adds.

On the investment side, Westpac will lend its expertise to help blend the right mix of equities, funds, property, debt, bonds, private credit and private equity. They also do execution and can discuss specific holdings.


If you have less than $1 million, Westpac is happy to give you the name of a good financial adviser. And they wont even take a commission. (aka forget about it, next, moving on quickly, get outa here, do not waste my time, I am not out of bed for less than $2mill, etc)

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