Westpac Increases Customer Remediation and Litigation Cost Provisions. FVE AUD 35 Unchanged
Wide-moat-rated Westpac Banking Corporation announced recognition of an estimated AUD 235 million in provisions to cover a litany of customer payments and recent litigation costs. The provision will be recognised in fiscal 2018 results scheduled for release on Nov. 5, 2018. Costs associated with responding to the Royal Commission are not included in the provision and the program of reviews is expected to continue into fiscal 2019. The ongoing program of work includes investigating and potentiall...Westpac Banking is a banking organization with branches, affiliates and controlled entities throughout Australia, New Zealand, Asia and in the Pacific region. Co. provides a range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services. Co. is engaged in the provision of financial services including lending, deposit taking, payments services, investment portfolio management and advice, superannuation and funds management, insurance services, leasing finance, general finance, interest rate risk management and foreign exchange services. As of Sep 30 2017, Co. had total assets of A$851,875,000,000.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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