Westpac New Zealand Banking Group Releases Annual Disclosure Statement for Transparency and Compliance.

Westpac Banking Corporation (ASX: WBC) has issued the Disclosure Statement for its New Zealand Banking Group for the financial year ending 30 September 2024. The document outlines the financial performance, compliance measures, and risk management practices of Westpac’s New Zealand operations. Key highlights include comprehensive financial statements and disclosures on risk exposure, liquidity, and credit quality, which comply with the Registered Bank Disclosure Statements Order 2014.

Each Director and the Chief Executive Officer of the NZ Branch confirm that, after thorough review, the statement contains all required information and that all compliance and risk control measures were adequately implemented throughout the year. Additionally, the statement provides insight into governance, including detailed risk management frameworks and policies designed to address material risks such as credit, market, and liquidity risk. This disclosure promotes transparency and complies with the regulatory standards established by the Reserve Bank of New Zealand for foreign banks operating within the country.

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