Westpac raises A$700 million from tier 1 preferred hybrid securities

Westpac has moved to further strenthen its balance sheet with the successful raising of A$700 million on Friday through a tier 1 hybrid preferred security issue. Westpac had originally hoped to raise up to A$500 million. * This article was first published on Friday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.