Log in
E-mail
Password
Show 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
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Westpac Banking Corporation
  6. News
  7. Summary
    WBC   AU000000WBC1

WESTPAC BANKING CORPORATION

(WBC)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

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
All news about WESTPAC BANKING CORPORATION
01:26aAustralia banking watchdog publishes long-awaited capital rules
RE
11/28WESTPAC BANKING : 29/11/2021 Westpac rolls out new banking app for more customers as digit..
PU
11/26WESTPAC BANKING : 26/11/2021 Westpac provides emergency support for customers impacted by ..
PU
11/25WESTPAC BANKING : Update - Dividend/Distribution - WBC
PU
11/25Westpac NZ Resolving Issues on Findings of Third-Party Risk Governance Report
MT
11/24WESTPAC BANKING : 25/11/2021 Westpac NZ actions findings of independent risk governance re..
PU
11/24Westpac NZ's risk governance needs 'significant improvement', says RBNZ
RE
11/24Reserve Bank Of New Zealand Posts Report On Shortcomings With Westpac NZ’S Risk Governa..
RE
11/21WESTPAC BANKING : 22/11/2021 Westpac's energy portfolio reaches 80% renewable
PU
11/19WESTPAC BANKING : 20/11/2021 Westpac supports customers impacted by flooding in Central We..
PU
More news
Analyst Recommendations on WESTPAC BANKING CORPORATION
More recommendations
Financials
Sales 2022 19 677 M 14 009 M 14 009 M
Net income 2022 5 356 M 3 814 M 3 814 M
Net Debt 2022 - - -
P/E ratio 2022 14,2x
Yield 2022 5,86%
Capitalization 76 656 M 54 563 M 54 577 M
Capi. / Sales 2022 3,90x
Capi. / Sales 2023 3,78x
Nbr of Employees 40 143
Free-Float 99,5%
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
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Last Close Price 20,92 AUD
Average target price 25,61 AUD
Spread / Average Target 22,4%
EPS Revisions
Managers and Directors
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
Sector and Competitors