Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

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

WESTPAC BANKING CORPORATION

(WBC)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Westpac Banking : Australia financial crime watchdog investigates casino giant Crown, shares tumble

10/19/2020 | 02:57am EST
FILE PHOTO: The logo of Australian casino giant Crown Resorts Ltd adorns a hotel and casino complex in Melbourne, Australia

SYDNEY (Reuters) - Australia's financial crime agency began investigating casino giant Crown Resorts Ltd on suspicion of failure to comply with anti money-laundering protocols, putting a planned resort opening under pressure and sending its shares tumbling.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) said it began an "enforcement investigation" into Crown's main casino in Melbourne following a compliance assessment started a year earlier, without commenting further.

AUSTRAC's concerns were "focused on Crown Melbourne's management of customers identified as high risk and politically exposed persons", Crown said in a separate statement.

The investigation adds to an already sizable headache for the company 37% owned by billionaire James Packer as it pushes ahead with a plan to open a new casino in Sydney in December.

Another inquiry by a state regulator has been airing allegations of "dysfunctional" senior management, poor risk control and issuing false public statements.

The inquiry has already asked Crown's directors why the company is opening a casino during a review which will decide if it can keep its licence.

It was triggered by media reports in mid-2019 which accused Crown of doing business with casino tour, or "junket", operators who had not been vetted for organised crime links. Crown initially denied the allegations in full-page newspaper advertisements but has acknowledged at the inquiry parts of the denial were misleading.

Shares of Crown fell 10% by late morning, compared to a higher overall market, as investors weighed the impact of another challenge for a company already facing a showdown at its annual general meeting on Thursday.

"It will be volatile for a time. This has got uncertainty written all over it," said Mathan Somasundaram, CEO of investment researcher Deep Data Analytics.

The last high profile company pursued by AUSTRAC, No. 2 lender Westpac Banking Corp, agreed to a A$1.3 billion fine last month over unrelated compliance failures.

Crown was plunged into crisis in 2016 when 16 of its staff were jailed in China for selling casino holidays, violating that country's gambling ban. Crown quit its overseas interests to focus on the Sydney resort to grow profit.

In the years since, Packer has quit the board of the company he started. At the regulator inquiry this month, he acknowledged demanding frequent trading updates from management, despite having no official role, while negotiating a series of takeover deals which never eventuated, all unbeknownst to shareholders.

(Reporting by Byron Kaye in Sydney and Anushka Trivedi in Bengaluru; editing by Diane Craft and Lincoln Feast.)

By Byron Kaye


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CROWN RESORTS LIMITED 0.62% 9.81 End-of-day quote.-18.32%
WESTPAC BANKING CORPORATION 0.10% 20.3 End-of-day quote.-16.22%
All news about WESTPAC BANKING CORPORATION
10:17aGLOBAL MARKETS LIVE: A flurry of acquisitions
12/01WESTPAC BANKING : 02/12/2020 Westpac sells General Insurance business to Allianz..
PU
12/01Australia shares gain as cenbank signals stimulus boost
RE
12/01NEWS HIGHLIGHTS : Top Company News of the Day
DJ
12/01PETER KING : Westpac to Sell General Insurance Unit to Allianz for A$725 Million
DJ
12/01Australia's Westpac sells general insurance unit to Allianz for $535 mln
RE
12/01WESTPAC BANKING : Australia's Westpac to sell general insurance arm to Allianz f..
RE
12/01WESTPAC BANKING : APRA Review of Risk Governance and breach of Liquidity
PU
11/30WESTPAC BANKING : Australia, NZ dlrs resume climb on upbeat economic data
RE
11/30WESTPAC BANKING : Australia's Westpac hit with a second bank regulator penalty
RE
More news
Financials
Sales 2021 20 174 M 14 918 M 14 918 M
Net income 2021 5 454 M 4 033 M 4 033 M
Net Debt 2021 - - -
P/E ratio 2021 13,9x
Yield 2021 4,16%
Capitalization 73 224 M 54 056 M 54 147 M
Capi. / Sales 2021 3,63x
Capi. / Sales 2022 3,60x
Nbr of Employees 36 849
Free-Float 99,6%
Chart WESTPAC BANKING CORPORATION
Duration : Period :
Westpac Banking Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WESTPAC BANKING CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 21,28 AUD
Last Close Price 20,30 AUD
Spread / Highest target 33,0%
Spread / Average Target 4,82%
Spread / Lowest Target -25,4%
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