Westpac Banking Corporation
Stock Code
Stock Exchange
Formerly called the Bank of New South Wales, Westpac Banking Corporation (WBC) is one of the four largest and principal banks in Australia. It provides a variety of financial and banking services including institutional and commercial banking services, wealth management services, and retail services in Australia and New Zealand markets. WBC was listed on the Australian Stock Exchange on the 18th of July 1970. Its average annual revenue reaches approximately $22 billion out of its issued capital of $5 billion. Its headquarters is located in Sydney, Australia.
Westpac Banking Corporation (ASX:WBC) has announced the creation of two new divisions for the company as they plan for a management overhaul. The company has established the Australian Financial Services (AFS) division that encompasses units including Westpac Retail and Business banking, St. George Banking and BT Financial Group. The Group Services division, on the other hand, encompasses technology, banking operations, property services and legal.
Study the historical dividends for WESTPAC BANKING CORPORATION. Dividends are a portion of company profits paid out to shareholders. You are eligible to receive WBC dividends if you own the company's stock on the ex-dividend date. Investor's must have purchased the stock before the ex dividend date to be entitled to the dividend. The previous owner of the shares will receive the WBC dividend if you buy the stocks on or after the ex dividend date. The Pay Date or the Date Payable is the day when the dividend is paid to shareholders.
One of the largest banks of Australia, Westpac Banking Corporation (WBC) may go for softer approach to the mortgage pricing in case the Reserve bank of Australia (RBA) decides to raise interest rates tomorrow when it meets. Although the banking giant has continued to get squeezed due to the funding costs, it is expected to go for a "middle of the road" approach for pricing interest rates across the board.
One of the largest banks of Australia, Westpac Banking Corporation (WBC) has appealed last month’s High Court ruling in New Zealand regarding the structured financial transactions which might cost it as much as $NZ918 million plus penalties. Westpac stated that it had reviewed Judge Rhys Harrison's ruling termed the transaction as an attempt to avoid paying tax.
Westpac Banking Corporation (WBC), a multinational financial service company, is expected to save $400 million by 2011 as a result of acquiring St George Bank (SGB). The bank estimated that it would gain $365 million in the next three years due to 20-25% of cost reduction and this figure has been upgraded because of the takeover. It is also expected that, about 2000 staffs will be sacked in this merge.
Australia’s third largest banking corporation, Westpac (WBC) has decided to raise its capital by A$2.5 billion through a share sale on Tuesday, to strengthen its balance sheet due to the acquisition of St George Bank (SGB), which does not have a sound lending books and raise in bad debt charges. This move follows a capital raising by National Australia Bank (NAB) last month.
MRE aggressively downgraded Australian banking sector earnings in April this year following the March half-year reporting season.
Which Bank?
Westpac Banking Corporation (WBC) has a price target of $25.90 from Australian stock analyst UBS.
Westpac Banking Corporation (WBC) SGB MIA - "a growth agenda"
No surprises in the WBC/SGB Merger Implementation Agreement (MIA):
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