Westpac’s Share Price Continues to Decrease

Westpac Banking Corporation [ASX:WBC] have been consistently decreasing in share value for almost a year.

Back in April 2017 they were trading at $35.06 a share, now their shares are worth $29.66.

As one of the largest banks in Australia, Westpac provides a large variety of banking and financial services in Australia and the surrounding pacific regions. They operate across five different districts.

Currently, their market cap stands at $101.234 billion.

Attempts to boost loan security could help share price

Westpac will be using three leading global credit agencies to counter government and regulatory pressure on lenders to improve loan security.

Westpac will inform borrowers’ that their credit information will be screened by Equifax, Experian and illion to ensure legitimacy and safety of their system from next month.

Westpac has been viewed as the easiest among the big lenders to obtain home loans.

The commission caught wind that Westpac home loans — up to a particular loan to value ratio — only called for a letter of employment from applicants.

Customers who were requesting a copy of their bank statements were charged with a $7.50 fee.

Westpac informed customers that they were moving over to e-statements, contacting them via post and email of the change.

The purpose of this change was to reduce printing and paper waste, while also lowering the risk of identity theft.

Other banks such as CBA and NAB charge significantly less for a statement, while ANZ haven’t charged anything at all, as their own customers can still print their statement at a branch.

Westpac lends a hand

Last month, Westpac awarded 17 young Australians with the Westpac Future Leaders Scholarship to undertake a post-graduate study at one of Australia’s leading universities.

The scholarship is valued at over $2 million dollars, providing each individual undertaking the course with thousands of dollars for research or coursework studies.

Westpac reported that CEO of Westpac Bicentennial Foundation Susan Bannigan stated:

All the 2018 scholars are passionate about one or more of the Foundation’s focus areas — innovation and technology, enabling positive social change, and strengthening Australia’s ties with Asia — Westpac is proud to help realise their full leadership potential.

The Westpac future leaders Scholarship is described to help launch a vision while taking a network of inspired people to sustain it.

Regards,

Ryan Clarkson-Ledward,
For Money Morning

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Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

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