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WESTPAC BANKING CORPORATION

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Westpac NZ's risk governance needs 'significant improvement', says RBNZ

11/24/2021 | 03:40pm EST
FILE PHOTO: An office building with Westpac logo is seen in Sydney

(Reuters) - The Reserve Bank of New Zealand (RBNZ) said on Thursday Westpac's local unit needs to address risk governance and compliance concerns after an independent report highlighted "material shortcoming" in the board's oversight.

The report, prepared by management consulting firm Oliver Wyman, said the bank's board fell short of the "standard" expectations on implementing risk governance measures, and noted the bank's investment in risk management capabilities appeared "reactive, rather than strategic".

"We expect Westpac NZ to prioritise remediation in line with the report's recommendations and will be closely monitoring their efforts to ensure that they are effective," RBNZ's Deputy Governor Geoff Bascand said in a statement https://www.rbnz.govt.nz/news/2021/11/external-report-highlights-material-shortcomings-with-westpac-nzs-risk-governance.

The report was commissioned by Westpac New Zealand on RBNZ's instructions in March.

Bascand added although the bank's board has addressed some of the report's findings, "there is a lot more do to".

Westpac NZ, in a separate statement, accepted the findings of the review and said it was "well advanced" in addressing recommendations in the report.

"We have also followed up immediately on other recommendations in the report, including restructuring committees and overhauling the way information on risk is provided to the Board," Westpac NZ Board Chairperson Pip Greenwood added.

(Reporting by Sameer Manekar and Yamini C S in Bengaluru; Editing by Krishna Chandra Eluri)


ę Reuters 2021
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Analyst Recommendations on WESTPAC BANKING CORPORATION
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Financials
Sales 2022 19 677 M 14 110 M 14 110 M
Net income 2022 5 356 M 3 841 M 3 841 M
Net Debt 2022 - - -
P/E ratio 2022 14,2x
Yield 2022 5,82%
Capitalization 77 205 M 55 348 M 55 364 M
Capi. / Sales 2022 3,92x
Capi. / Sales 2023 3,80x
Nbr of Employees 40 143
Free-Float 99,6%
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Mean consensus HOLD
Number of Analysts 16
Last Close Price 21,07 AUD
Average target price 25,54 AUD
Spread / Average Target 21,2%
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Peter Francis King Chief Executive Officer, MD & Director
Michael Rowland Chief Financial Officer
John McFarlane Chairman
Scott Collary Chief Operating Officer
Leslie Wilson Vance Group Executive-Financial Crime & Compliance
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