ANZ Plans A$3 Billion Share Raising to Meet Capital Rules
ByAustralia & New Zealand Banking Group Ltd. is raising A$3 billion ($2.2 billion) in capital following moves by regulators to make Australian banks safer, taking equity issuances by the country’s largest lenders to the highest since the global financial crisis.
ANZ will sell shares worth A$2.5 billion to institutions in a range above an underwritten floor price of A$30.95 per share, and raise another A$500 million through an offering to shareholders, the Melbourne-based lender said in a regulatory filing. Unaudited cash profit rose 4.3 percent to A$5.4 billion in the nine months ended June 30 with bad debt charges increasing, it said.
The raising “will allow ANZ to more quickly and efficiently accommodate additional capital requirements recently announced by the Australian Prudential Regulation Authority,” the bank said. The raising will add about 78 basis points to the lender’s common equity Tier 1 capital ratio, taking the measure to 9.3 percent, it said…
ANZ Plans A$3 Billion Share Raising to Meet Capital Rules
