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Westpac Convertible Preference Shares


The information on this website page is for Australian residents only.

The Westpac CPS Offer is closed. Westpac CPS trade on the ASX under the ASX code "WBCPC".

On 23 March 2012, Westpac issued 11,893,605 Westpac Convertible Preference Shares (Westpac CPS), at an issue price of A$100 each, raising approximately A$1.19 billion. 

What are Westpac CPS?

Westpac CPS are fully paid, perpetual, convertible, unguaranteed and unsecured preference shares issued by Westpac, which rank in priority to Ordinary Shares and which qualify as Non-Innovative Residual Tier 1 Capital of Westpac for APRA purposes.

Westpac CPS are listed on the Australian Securities Exchange (ASX) under the code WBCPC and can be traded like any other securities listed on the ASX.

Key dates for Westpac CPS

Commenced trading on ASX on a deferred settlement basis 26 March 2012
Commenced trading on ASX on a normal settlement basis 3 April 2012
Record date for the first Dividend 21 September 2012
First Dividend Payment Date 30 September 2012*
First Optional Conversion / Redemption Date 31 March 2018
Scheduled Conversion Date 31 March 2020

*  If a Payment Date is not a Business Day. In accordance with the Westpac CPS terms, the Dividend Payment will be made on the next Business Day.

Dividends on Westpac CPS

Westpac CPS offer holders preferred, non-cumulative, floating rate, semi-annual dividends, which are scheduled to be paid on 31 March and 30 September (subject to the Dividend Payment Test).

Westpac CPS dividends are expected to be fully franked and accordingly holders are expected to receive cash dividends and franking credits^. However, your ability to use franking credits will depend on your individual tax position. 

Dividends are calculated as follows:
(Dividend Rate x Face Value x N) divided by 365.

The Dividend Rate is a floating rate and will be set on the first Business Day of each Dividend Period using the following formula: (180 day Bank Bill Rate + Margin) x (1 - Tax Rate).

  • 180 day Bank Bill Rate is the 180 day Bank Bill Rate on the first business day of each Dividend Period (except for the first Dividend Period, where the 180 day Bank Bill Rate was determined on the Issue Date (23 March 2012))
  • The Margin is 3.25% per annum
  • The Tax Rate is the Australian corporate tax rate applicable to the franking account of Westpac as at the Dividend Payment Date. As at the date of the Prospectus, the relevant tax rate is 30% or, expressed as a decimal in the formula, 0.30
  • The Face Value is $100.00 per Westpac CPS 
  • N = the number of days in the Dividend Period

^ The potential value of the franking credits does not accrue to you at the same time as you receive the cash dividend and a holder's ability to use franking credits will depend on their individual tax position.

Conversion, transfer and redemption

 On the Scheduled Conversion Date Westpac CPS will either be:

  • converted into Westpac Ordinary Shares; or
  • transferred to a Nominated Party (at Westpac’s election) for $100 cash for each Westpac CPS. 

The Scheduled Conversion Date will be the earlier of:

  • 31 March 2020; and
  • The first Dividend Payment Date after 31 March 2020;

on which both Conversion Conditions are satisfied.

Westpac CPS will be Converted earlier upon:

  • a Capital Trigger Event; or
  • an Acquisition Event provided the Conversion Conditions are satisfied and Westpac has not otherwise elected to Convert or Redeem.

Westpac CPS can also be Converted, Transferred or Redeemed by Westpac under certain circumstances:

  • A Tax Event or Regulatory Event;
  • An Acquisition Event on or after the fifth anniversary of the Issue Date
  • An Optional Conversion/Redemption Date (31 March 2018 or any Dividend Payment Date thereafter)

Conversions or Redemptions are subject to APRA’s prior written approval and in respect of Conversions, to the Conversion Conditions being satisfied. Holders should not expect that APRA’s prior written approval will be given.

Further details on Westpac CPS are included in the Prospectus dated 24 February 2012.

Download the Westpac CPS Prospectus (PDF 2MB) for reference purposes only.

Dividend payment and record dates

Dividend payment dates Relevant record dates Ex-dividend date
3 April 2018 23 March 2018 22 March 2018


Dividend payment history

Dividend Payment Date Dividend rate per annum  Cash amount of Dividend per Westpac CPS  New Zealand Imputation Credits - NZ$ per share Number of days in the Dividend Period
3 April 2018 3.6120%~ $1.8011~ TBA 182
2 October 2017 3.6715% $1.8408 NZ $0.14 183
31 March 2017 3.6470% $1.8185 NZ $0.14 182
30 September 2016 3.9830% $1.9970 NZ $0.15 183
31 March 2016 3.8430% $1.9268 NZ $0.13 183
30 September 2015  3.8185%  $1.9145 NZ $0.13  183
31 March 2015 4.2000% $2.0942 NZ $0.14 182
30 September 2014 4.1673% $2.0894 NZ $0.14 183
31 March 2014 4.0775% $2.0332 NZ $0.16 182
30 Sept 2013 4.4433% $2.2277 NZ $0.19 183
2 April 2013 4.5500% $2.2688 NZ $0.21 182
2 October 2012 5.3900% $2.8205 NZ $0.27 191

~ Expected rate/amount per share

New Zealand imputation credits

Westpac attached New Zealand imputation credits to the Westpac CPS initial dividend, paid on 2 October 2012.

Generally the only holders of Westpac CPS who may obtain benefits from the New Zealand imputation credits are those holders who are New Zealand resident taxpayers.  If you require further information, we recommend you talk to your tax adviser or the New Zealand Inland Revenue Department.

The amount of New Zealand imputation credits able to be provided to holders of Westpac CPS in the future will depend on a number of factors including future profits from Westpac’s New Zealand operations and the amount of New Zealand income tax paid.

ATO Class Ruling


On 16 May 2012, the Australian Taxation Office issued a Class Ruling. which confirms the Australian tax consequences for certain holders of Westpac CPS. You can view a copy of the Class Ruling here.

Westpac's Guide to Bank Hybrids 

Westpac's Guide to Bank Hybrids, a web-based guide to help investors understand some of the typical features and risks associated with an investment in hybrid capital securities. The Guide to Bank Hybrids provides a brief overview of hybrid investments, including how to invest in an Australian bank and the typical features and risks of different types of bank hybrids. The Guide to Bank Hybrids may be helpful when you are considering an investment in a bank hybrid.

Further enquiries

If you have any questions regarding the Westpac CPS,  please call the Westpac CPS Information Line on +61 1300 790 223 Monday to Friday between the hours of 8.30am and 5.30pm, (Sydney Time).

ASX announcements 

Media release on the Westpac CPS - Westpac confirms issuance of Westpac CPS (PDF 86KB), 23 March 2012

Media release on the Westpac CPS result of the Bookbuild and Margin (PDF 169KB), 23 February 2012

Media release on the announcement of the Westpac CPS Offer,  (PDF 216KB) 16 February 2012


Nothing contained on this website or in the Prospectus constitutes financial product advice and this website, and the Prospectus have been prepared without taking into account your investment objectives, financial situation or particular needs. If, after reading this website and the Prospectus, you are unclear or have any questions, then you should consult your financial adviser or other professional adviser.

The information set out here is for Australian residents only. Terms used on this site have the same meaning as those in the Westpac CPS Prospectus dated 24 February 2012 and lodged with the Australian Securities and Investments Commission on that date.

Westpac CPS have not been, and will not be, registered under the US Securities Act, and are not being offered or sold in the United States or to, or for the account or benefit of, a US Person. Therefore Westpac CPS may not be sold, directly or indirectly, in the United States or to, or for the account or benefit of, US Persons, except in accordance with an available exemption from the registration requirements of the US Securities Act.