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AUSTRALIA'S WESTPAC BANKING TO RAISE US$391.5 MLN IN HYBRID ISSUE.
AsiaPulse News, November, 2002
SYDNEY, Nov 13 Asia Pulse - Westpac Banking Corp Ltd (ASX:WBC) hopes to raise up to $A700 million ($US391.51 million) in a hybrid securities issue before making a share buyback in the next two years.
The bank, which flagged that it was planning to do a hybrid raising earlier this year, is issuing six million FIRsTS worth $A100 ($US55.93) each in its tier one capital raising.
The issue aims to raise $A600 million ($US335.58 million) for Westpac, which also has provisions in place to extend it by another $A100 million ($US55.93 million).
"We have been considering an additional issue of Tier One capital for some time to further improve the diversity and efficiency of our capital resources," Westpac chief financial officer Phil Chronican said.
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