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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Westpac Banking Corporation    WBC   AU000000WBC1

WESTPAC BANKING CORPORATION

(WBC)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 11/26
20.61 AUD   -1.34%
04:44aEquity investors take stock of best month ever
RE
11/29New Zealand dollar on track for best month since 2013
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11/27WESTPAC BANKING : Self-Funding Instalments over securities in ALL
PU
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Afterpay, Westpac link up for Australia savings accounts

10/19/2020 | 06:32pm EST

* Afterpay shares jump 6%, passing A$100-mark

* Westpac deal may lower loss rates, costs - analyst

* Afterpay gets deeper look at users' financial habits

Oct 20 (Reuters) - Australian buy-now-pay-later firm Afterpay Ltd will team up with Westpac Banking Corp to offer savings accounts, the two companies said on Tuesday, signalling a shift by the alternative credit firm into mainstream banking.

The accounts will be available to Afterpay's three million-plus customers in Australia from next year through Westpac's digital banking platform, and will help give the firm greater insight into its customers' financial habits, it said.

The announcement sent Afterpay's shares up 6% and past the A$100 mark for the first time, highlighting the staggering rise for a stock that was at just A$8 in March.

For Westpac, which last month reached a record A$1.3 billion settlement with Australia's financial crime agency for allowing illicit payments, the venture marks a push into fintech and will help it target younger customers.

Afterpay will be Westpac's first digital banking platform customer, and the Melbourne-based firm will also offer budgeting tools and other services over time. The partnership goes live in the second quarter of 2021.

Afterpay and its buy-now-pay-later peers, who let users buy goods and pay over interest-free instalments, have been heralded as disruptors of traditional credit and have surged in popularity as the coronavirus crisis accelerates the shift online.

RBC Capital Markets analyst Tim Piper said in a note that processing repayments through Westpac could lower costs for Afterpay, while more customer data could result in "better credit decisioning and potentially lower loss rates."

While Afterpay currently does not conduct credit checks on its customers, it says the tie-up opens the door to new revenue streams and could be adopted globally.

"We will gather greater insights into how they (customers) prefer to manage their finances and better understand their savings goals," Afterpay Chief Executive Anthony Eisen said.

Rival Zip Co Ltd also on Tuesday expanded its in-store offering for users to any store that accepts Visa , widening the company's presence. (Reporting by Nikhil Kurian Nainan and Anushka Trivedi in Bengaluru; Editing by Cynthia Osterman and Richard Pullin)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED 0.62% 95.81 End-of-day quote.227.22%
WESTPAC BANKING CORPORATION -1.34% 20.61 End-of-day quote.-14.94%
ZIP CO LIMITED 3.58% 6.07 End-of-day quote.71.47%
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More news
Financials
Sales 2021 20 174 M 14 847 M 14 847 M
Net income 2021 5 129 M 3 774 M 3 774 M
Net Debt 2021 - - -
P/E ratio 2021 14,6x
Yield 2021 4,20%
Capitalization 72 611 M 53 359 M 53 437 M
Capi. / Sales 2021 3,60x
Capi. / Sales 2022 3,55x
Nbr of Employees 36 849
Free-Float 99,6%
Chart WESTPAC BANKING CORPORATION
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Westpac Banking Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends WESTPAC BANKING CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 20,97 AUD
Last Close Price 20,13 AUD
Spread / Highest target 34,1%
Spread / Average Target 4,19%
Spread / Lowest Target -25,5%
EPS Revisions
Managers
NameTitle
Peter Francis King Chief Executive Officer, MD & Director
John McFarlane Chairman
Michael Rowland Chief Financial Officer
Gary Thursby Chief Information Officer
Peter Ralph Marriott Independent Non-Executive Director
Sector and Competitors