WBC Share Price History
30 Jul, 2020
Westpac Lenders Mortgage Insurance Limited -- Moody's announces completion of a periodic review of ratings of Westpac Lenders Mortgage Insurance Limited
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Westpac Lenders Mortgage Insurance Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
29 Jul, 2020
Westpac said the roles will be spread out over regional and metro areas and will be filled by new and existing employees. "We will also be returning all dedicated voice roles to Australia to enhance the capacity of our existing call centres," Chief Executive Officer Peter King said in a statement. "This will mean when a customer calls us, it will be answered by someone in Australia."
22 Jul, 2020
"ASIC is mindful of the impact of the additional time required to resolve this matter in the current challenging economic circumstances," the Australian Securities and Investments Commission said in a statement. Last month, the court dismissed the lawsuit accusing Australia's second largest lender of having approved mortgages without adequate credit checks. It was one of numerous regulator lawsuits after a Royal Commission inquiry found evidence of widespread misconduct in the financial sector in 2018 and 2019.
21 Jul, 2020
Westpac Securities NZ Limited, London Branch -- Moody's announces completion of a periodic review of ratings of Westpac New Zealand Limited
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Westpac New Zealand Limited and other ratings that are associated with the same analytical unit. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
15 Jul, 2020
(Bloomberg) -- New Zealand inflation slowed in the second quarter, falling toward the low-end of the central bank’s target range, amid a collapse in the global oil price and a stalling economy due to the Covid-19 lockdown.Consumer prices rose 1.5% from a year earlier, Statistics New Zealand said Thursday in Wellington. That compared with 2.5% in the first quarter, but was faster than the 1.3% expected by economists. Prices fell 0.5% from three months earlier -- the first quarterly decline since 2015.Inflation is set to further slow as the recession curbs demand and rising unemployment puts downward pressure on wages and consumer spending. The Reserve Bank’s baseline scenario outlined in its May policy statement projected inflation would slow to 0.3% by the end of the year. The central bank has signaled it will review in August whether its NZ$60 billion ($39 billion) quantitative easing program is providing enough stimulus to achieve the 1%-3% inflation target.“The Reserve Bank will need to keep monetary settings loose for a long period,” said Michael Gordon, senior economist at Westpac Banking Corp in Auckland. “Weak demand will trump supply-side disruptions over the medium term -- leading to lower inflation pressures -- and the economy is likely to remain below full employment for years to come.”The New Zealand dollar was little changed after the report, buying 65.77 U.S. cents at 11:25 a.m. in WellingtonThe statistics agency said the nationwide lockdown -- that ended May 13 -- created a lot of volatility and made price measurement more difficult. A rent freeze and the decision to make all public transport free were among the distortions the agency had to adjust for, it said.The quarterly decline in prices was led by gasoline, which fell 12% from the first quarter -- the largest drop since 2008, the agency said. Domestic accommodation tumbled 14% in the quarter, coinciding with travel restrictions and New Zealand’s closed international borders.Other DataConsumer prices excluding food, fuel and energy rose 1.9% from a year earlier, slowing from 2.3% in the first quarter, while other measures of underlying inflation were softer. The RBNZ publishes its own core measure later ThursdayTradables prices fell 0.6% from a year earlier, led by cheaper fuelNon-tradable prices, which are less influenced by the currency, rose 3.1% from a year earlier, led by rents and tobacco tax impacts(Updates with economist’s comment in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
01 Jul, 2020
Sydney Capital Corporation / Waratah Securities Australia Limited -- Moody's withdraws the ratings of Westpac's Waratah ABCP programme
Moody's Investors Service ("Moody's") has today withdrawn the ratings of Sydney Capital Corporation / Waratah Securities Australia Limited ABCP programme (Waratah). Waratah is a partially supported, multi-seller ABCP conduit sponsored and administered by Westpac Banking Corporation (Aa3/P-1).
25 Jun, 2020
In this article we will take a look at whether hedge funds think Westpac Banking Corporation (NYSE:WBK) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips […]
12 Jun, 2020
Australia's financial crime regulator may add additional breaches of anti-money laundering laws related to suspected child exploitation transactions to its lawsuit against Westpac Banking Corp, the bank said on Friday. In a bombshell lawsuit in November, AUSTRAC sued the country's second-largest bank for 23 million alleged breaches of anti-money laundering laws, including payments between known child exploiters. After the lawsuit, the bank upgraded its systems and found additional breaches including suspicious matters related to potential child exploitation and issues involving 272 customers, the bank said in a statement.
08 Jun, 2020
By Gina Lee
05 Jun, 2020
Half Year 2020 Westpac Banking Corp Earnings Presentation
04 Jun, 2020
(Bloomberg Opinion) -- When a bank admits it may have transferred money to the Philippines for customers suspected of sexually exploiting children, you’d better hope it has a good excuse.That's not the case with Australia’s oldest lender, Westpac Banking Corp. A review the bank commissioned into 23 million breaches alleged by the country’s anti-money laundering agency Austrac concluded Thursday with a slap on the wrist.“While the compliance failures were serious, the problems were faults of omission,” Chief Executive Officer Peter King said in a statement released with the report. “There was no evidence of intentional wrongdoing.”That’s not good enough. We set banks far too low a bar if our standard is only that they don't knowingly aid and abet criminal activity. Ensuring that banks don’t unwittingly facilitate such breaches is precisely why they have compliance departments. It’s hardly a defense to admit that Westpac’s internal risk management was so threadbare that it failed to pick up obvious shortcomings over a period of years.Westpac’s review points to some very zeitgeisty explanations for its failure: that the alleged breaches happened at a time of rapid technological change; that regulators are more focused on financial crime; that the public has higher standards for companies these days; and that corporate boards are now expected to be more interventionist.Looking at the details of the cases, though, many of the places Westpac fell down would have been familiar to bankers as far back as the Medicis. Managers didn’t know enough about who their customers were, or scrutinize the patterns of their payments to detect suspicious activities. They didn’t look deeply enough into the relationships of their correspondent banks either, exposing themselves to risks one step removed via their banking relationships. And the board failed to interrogate and closely examine these activities.These aren’t novel mistakes driven by the dizzying speed of life in the 2010s — they’re failures in the compliance culture that should be at the core of operations for anyone in the business of lending money.Compliance officers have historically been resented within banks, because they’re seen as a cost center whose job is to stop their colleagues from making money. Before the 2008 financial crisis, the risk of a fine from regulators seemed remote, while the reward of revenues from sailing close to the wind was temptingly close. No one wanted internal auditors sticking their noses in and preventing profitable activities or setting up costly reporting protocols. That function is nonetheless crucial if we’re to maintain integrity in our banking system.For all the report’s talk about sins of omission, weak compliance by Westpac (and its larger peer, Commonwealth Bank of Australia, which paid an A$700 million penalty, or roughly $483.2 million, in 2018 to settle a separate money-laundering case with Austrac) wasn’t an accident.The way to improve a bank’s compliance capability isn’t a mystery. You simply need to hire and pay more compliance officers and give them more authority throughout the organization, something that banks in most rich countries did after the collapse of Lehman Brothers Holdings Inc. Australia’s lenders kept partying like it was 2007.Indeed, the increasing sums that Westpac has been spending on compliance in recent years, eating into each profit release, are evidence that the lucrative go-go years weren’t generated by any special genius, other than the choice to turn a blind eye to weak internal regulation.Take a look at the cost-to-income ratios of Australian banks, a decent measure of how much cash they’re paying out on staff and systems in relation to their revenues. Only in Singapore, Hong Kong, Taiwan, Sweden and Norway do large lenders manage to provide their services at so little internal cost. One way of looking at those figures is to assume that banks in those countries are simply more efficient than elsewhere — but compliance is difficult and expensive, and if you want it done well you may find that your profits aren’t what they once were.Westpac has promised to turn over a new leaf, just as Commonwealth Bank did after settling its Austrac case.“We completely accept that some important aspects of Westpac’s financial crime risk culture were immature and reactive,” King wrote, “and we failed to build sufficient capacity and experience in some important areas.”Let’s hope so — but the equity market reaction gives cause for concern. With the S&P/ASX 200 index barely up on the day, Westpac shares jumped as much as 5.4% at the open. If management has truly grasped the nettle on their compliance controls, shareholders are going to have to get used to that spending eroding their profits far into the future.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
20 May, 2020
Series 2008-1M WST Trust -- Moody's: No rating impact on Series 2008-1M WST Trust following amendment
Moody's Investors Service says that the execution of the Series 2008-1M WST Trust Amendment Deed 2020-3 taking effect on 20 May 2020 (the Amendment) will not, in and of itself and as of this time, result in the downgrade or withdrawal of the ratings of the Class A1 and Class B Notes issued by the above mentioned trust. Moody's has determined that the Amendment, in and of itself and at this time, will not result in the downgrade or withdrawal of the rating on the Class A1 and Class B Notes. Moody's opinion addresses only the credit impact associated with the Amendment, and does not express any opinion as to whether the Amendment has, or could have, other non-credit-related effects that may have a detrimental impact on the interests of noteholders and/or counterparties.
19 May, 2020
Best known as Britain's biggest financial crisis failure, some investors and analysts view majority state-owned Royal Bank of Scotland as the lender likely to emerge strongest from the coronavirus downturn. RBS had built the largest capital surplus of any major British bank before the pandemic struck, some 14 billion pounds ($17 billion) above the regulatory minimum, and had hoped to use much of this to buy back the government's 62% stake. Now investors are betting this capital cushion, which will help it absorb loan losses resulting from the economic crunch, will help RBS gain greater market share and potentially restore a dividend ahead of rivals.
The scandal rocked Australia's second-biggest bank after it was accused of millions of breaches of anti-money laundering laws, including allegations that it enabled illegal payments between known child sex offenders. Les Vance, the current chief operating officer of Westpac's consumer division, has been with the lender since 2008. Earlier this month, Westpac admitted it breached anti-money laundering and counter-terrorism laws but denied that it enabled those illegal payments, according to a filing with a federal court.
12 May, 2020
Trade Alert: The Independent Chairman of the Board Of Westpac Banking Corporation (ASX:WBC), John McFarlane, Has Just Spent AU$160k Buying A Few More Shares
Investors who take an interest in Westpac Banking Corporation (ASX:WBC) should definitely note that the Independent...
05 May, 2020
Australia's big banks have warned that credit losses from the country's first recession in three decades will top A$17 billion ($10.96 billion), but analysts predict the bill for the coronavirus lockdown will be higher - perhaps more than double. If losses spike, there could be more capital raisings and dividend deferrals at the "Big Four", which together fund 80% of Australia's loans, impeding their ability to plough money into the economy as it recovers from the virus that has infected 6,800 people and killed 96 in the country, analysts warn.
04 May, 2020
WBK earnings call for the period ending March 31, 2020.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]
(Bloomberg Opinion) -- While their peers in other countries weathered a season in hell after the 2008 financial crisis, Australian banks partied.Spared the recession that devastated lenders elsewhere, valuations soared to as much as three times book value — extraordinary levels when most banks in developed countries were trading at a discount to book.At one point in 2011, all of the country’s big four banks (Commonwealth Bank of Australia, Westpac Banking Corp., National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd.) were worth more than Bank of America Corp. in terms of market capitalization. Now, the U.S. lender is worth more than all four — put together.The road to the dismal present has been paved with money-laundering scandals, government inquiries, super-taxes, a housing market downturn and of course the coronavirus, but it’s another factor that has been most crucial: dividends.Bank valuations, after all, aren’t a disinterested vote on the credit quality of a company. Instead, they’re shareholders’ best guess of the current value of future payouts, adjusted for the risk that the share price itself may rise or fall.That’s been particularly important in Australia, thanks to the outsize influence of individuals managing their own retirement savings through so-called self-managed superannuation. In most of the world, fund managers focused on capital growth dominate the stock market, to the extent that many tech companies treat paying cash back to shareholders as a failure of imagination. In Australia, the retirement savers who make up a fifth of the stock market prize a steady and stable income, so generous dividend-payers like the country’s banks have consequently done well.Even when its valuation peaked at three times book in 2015, Commonwealth Bank, the biggest of the four, was still paying out dividends equivalent to more than 6% of its share price. Australian banks were offering all the income security of owning a bond, but with equity-style returns. There was just one problem. Much though they may have behaved like bonds to their investors, Australian bank shares were equity all along — and with the party finally ending, it’s shareholders who are ultimately taking the hit. On Monday, Westpac joined ANZ in deferring its decision about whether to make a payout this year. NAB went one step further last week, cutting its payout by about two-thirds and tapping shareholders for cash by selling A$3.5 billion ($2.2 billion) in new stock.It’s a sign of how crucial payouts have become to Australian bank shareholders that even with an unemployment rate tipped to hit 10% this year, both Westpac and ANZ are presenting their moves as delayed decisions rather than outright cancellations. Even in a crisis, giving up the gospel of dividends risks breaking the implicit contract between management and shareholders that’s supported valuations (and paid for executives’ Maseratis) for a generation.The trouble is, shareholders are already voting with their feet. Price-book valuations have slumped to positively European levels; only Commonwealth Bank is now valued at a premium to its net assets. Unlike other countries, which have spent more than a decade deleveraging, Australian household debt was at record levels relative to income just before the coronavirus struck.As rising unemployment and falling property prices eat into borrowers’ ability to repay, investors are (rightly) making the assessment that the first call on banks’ cash for the foreseeable future is likely to be funding defaulted loans. Next will be fines, like the A$1.06 billion Westpac set aside Monday for dealing with a money-laundering case.The silver lining is that those plunging share prices are making dividends, in isolation, look more attractive than ever. If the coronavirus downturn proves less drastic than feared and Westpac ends up paying out full-year cash in line with last year’s, it would be yielding around 11% at current share prices — not bad at a time when its best one-year term deposit account is paying 1.2%.It’s a mark of how bad things have gotten for Australian banks that even the perennial promise of payouts isn’t enough to tempt shareholders back this time.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.