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Westpac tap market for $2.5 billion

Welcome back!

Westpac have announced plans to raise $2.5 billion to increase it’s capital amid worsening global conditions. 

The plans were unveiled along with an increase in debt provisioning and a one-off $500 million adjustment regarding it’s acquisition of St George.

Westpac’s placement has been fully underwritten by JPMorgan Australia, UBS, and Morgan Stanley Australia Securities and includes a $500 million retail component that will be made available to shareholders via a share purchase plan.

Wes

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