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  • Westpac Banking Corporation has already completed its $2 billion institutional share placement
  • Just yesterday, it announced the placement as its profits are down 16 per cent for the 2019 financial year
  • Westpac issued approximately 79 million new shares at a price of $25.32 per share
  • The company will also raise an additional $500 million through a non-underwritten institutional placement
  • Westpac is down 2.64 per cent on the market today and is currently trading at $27.15 per share

Westpac Banking Corporation has already completed its $2 billion institutional share placement.

Just yesterday, the company announced the placement as its profits are down 16 per cent for the 2019 financial year.

The banking giant also reported its cash earnings are down 15 per cent, which equals a $1.2 billion loss. It is now sitting at $6.8 billion.

Under the placement, Westpac issued approximately 79 million new shares at a price of $25.32 per share. All new shares were allocated to sophisticated and institutional investors in the placement bookbuild.

“2019 has been a disappointing year. Financial results are down significantly in a challenging, low-growth, low interest rate environment,” Westpac’s CEO Brian Hartzer told the market yesterday.

The company also said its trading halt would be lifted prior to the market opening today.

New shares under the placement are expected to settle on November 7, 2019.

Westpac will also raise an additional $500 million through a non-underwritten institutional placement.

As Westpac reopened its trading on the market this morning, it dropped 2.64 per cent and is currently trading at $27.15 per share at 1:28 pm AEDT.

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