Westpac Bank to raise A$750m through notes offering

[BENGALURU] Australia's Westpac Banking Corp intends raising about A$750 million (S$783.9 million) through an offering of capital notes, it said on Monday.

Each note will have an issue price of A$100, and the distribution margin on the notes is expected to be between 3.20 per cent and 3.40 per cent per annum, the bank said in a statement.

The bank also said that the notes will be quoted on the Australian stock exchange, and they will qualify as Additional Tier 1 Capital under the Australian Prudential Regulation Authority's capital adequacy framework.

REUTERS