Westpac to raise US$488mil in additional Tier-1 capital

Customers are seen at a Westpac Bank in the central business district of Sydney. — AFP

SYDNEY: Westpac Banking Corp, Australia’s third-largest bank by market capitalisation, says it will raise A$750mil (US$488mil) in an Additional Tier-1 (AT1) capital transaction.

The notes will be issued at A$100 each and potential investors have been told the interest margin is between 3.10% and 3.3%, according to a Westpac statement.