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Media releases

Westpac acknowledges ASIC proceedings

5 May 2021

Westpac acknowledges ASIC’s filing of civil proceedings alleging that Westpac engaged in insider trading and unconscionable conduct, and had failed to comply with its Australian Financial Services License obligations.

The allegations relate to interest rate hedging activity undertaken during the course of Westpac’s involvement in the 2016 Ausgrid privatisation transaction.

Westpac takes these allegations very seriously and is considering its position having just received the Originating Application and Concise Statement of Claim.

As the matter is now before the court it would not be appropriate to comment further at this time.

For further information:

David Lording

Group Head of Media Relations

0419 683 411

Andrew Bowden

Head of Investor Relations

0438 284 863