(Bloomberg) -- Westpac Banking Corp.’s additional capital requirements were reduced by the Australian regulator amid progress in improving risk management and governance.
The Australian Prudential Regulation Authority lowered the A$1 billion ($671 million) capital add-on that was applied to Westpac by A$500 million, according to a statement Friday. The remaining A$500 million add-on remains in place until further work is completed, the statement said.
The bank was hit in 2019 with the requirements to hold more capital after regulatory violations that led to a record fine to settle Australia’s biggest breach of anti-money laundering laws.
“Westpac is now a simpler, stronger bank with substantially improved risk governance,” Chief Executive Officer Peter King said in a separate statement.
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