Westpac to raise up to $1bn: report

Bank prepares to raise between $500m and $1bn through a listed convertible note.

Westpac Banking Corporation (WBC) is set to raise at least $500 million via a listed convertible note, The Australian Financial Review reports.

According to the newspaper, the raising is expected to start after the Easter break and will target sophisticated and wholesale investors.

The note would be unsecured and priced on a floating rate, and has the option to be increased to $1 billion, reports the AFR.

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