SYDNEY: Westpac Banking Corp is considering returning capital to shareholders as Australia’s post-pandemic economic rebound left big banks with record cash, and said it will raise about A$1bil (US$733.8mil or RM3.11bil) through a sale of notes.
The country’s early control of the pandemic last year drove property prices and credit growth higher, allowing the “big four” banks to return excess cash. Westpac has also sold assets to cut costs and focus on core operations.
