Australia's Westpac to raise A$1.25 bln hybrid to expand capital buffer

August 5, 2015 6:59 AM

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SYDNEY Aug 5 Westpac Banking Corp, Australia's No 2 lender by market value, said on Wednesday it had increased the size of its perpetual hybrid offering to A$1.25 billion ($918 million) from its initial aim of A$750 million.

Westpac will become the first major Australian lender to raise capital after the Australian Prudential Regulation Authority (APRA) lifted the mortgage risk weights of the country's top banks to make them "unquestionably strong."

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