ASX Rally Stretched but Bullish on a Pullback

Westpac - Let's See How The New CEO Handles These Fines

Westpac – China Recovery, Provision Delta

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*Near-Term Pain: The Australian Prudential Regulatory Authority (APRA) completed its review of WestPac’s risk governance program and Westpac is now likely to enter into enforcement action and remediation. In addition, APRA has also announced that it had taken action against Westpac New Zealand due to the subsidiary’s breach of liquidity requirements; and*Small Gain: Management announced the widely anticipated sale of its general insurance business to Allianz (ALV.GR) in addition to an exclusive 20-year agreement to distribute general insurance products to Westpac customers for AUD 725 mn.

*Near-Term Pain: The Australian Prudential Regulatory Authority (APRA) completed its review of WestPac’s risk governance program and Westpac is now likely to enter into enforcement action and remediation. In addition, APRA has also announced that it had taken action against Westpac New Zealand due to the subsidiary’s breach of liquidity requirements; and*Small Gain: Management announced the widely anticipated sale of its general insurance business to Allianz (ALV.GR) in addition to an exclusive 20-year agreement to distribute general insurance products to Westpac customers for AUD 725 mn.

WestPac Banking – One Step Forward, Two Steps Back

Westpac Banking

WestPac Banking – One Step Forward, Two Steps Back