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WBC $30.06

Westpac & WorldCom - US$25Mil exposure

  1. Henrik

    635 Posts.

    Watch action in Westpac ADR's tonight on The Street.

    "Westpac Banking Corporation today disclosed it had an exposure
    of $US25 million as part of a syndicated loan to WorldCom.
    The bank said it would increase provisioning against this
    exposure, consistent with its policy of maintaining levels of
    provisioning at the higher end of the industry norms.
    In the event that the exposure became non-accrual, the bank's
    impaired assets to loans and acceptances would rise from 0.62 per cent
    to 0.65 per cent on a pro-forma basis at March 31.
    Westpac fell 9c to $16.21.

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