Westpac Banking Corp 6-K, filed Mar 30, 2020

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

March 30, 2020

Commission File Number 1-10167

WESTPAC BANKING CORPORATION

(Translation of registrant’s name into English)

275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F         x                  Form 40-F          o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Index to Exhibits

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

3

Exhibit 99.1

Level 18, 275 Kent Street

Sydney, NSW, 2000

ASX

Release

30 MARCH 2020

WESTPAC EXTENDS COVID-19 SUPPORT FOR BUSINESS

Westpac is pleased to confirm its support of the Australian Banking Association’s (ABA) extended Business Support Package, announced today.

Westpac Chief Executive Business Guil Lima said: “This is about offering immediate and practical assistance to help more of our customers in need.”

Westpac’s expanded Business Relief Package includes extending our existing offer to defer principal and interest repayments for six months for eligible businesses1 with borrowings up to $10 million2 (up from $3 million previously announced).

The offer also extends to our commercial property customers, provided the customer provides an undertaking to the bank that for the period of the interest capitalisation it will not terminate leases or evict current tenants based on non-payment of rent due as a result of COVID-19.

Relationship Managers, across our Westpac, St.George, Bank of Melbourne and BankSA brands, will continue discussions with our larger clients, as we navigate these uncertain times.

Mr Lima said: “These are unprecedented times and they call for strong, meaningful actions. With this extension we are now able to offer access to these support measures to 98% of Westpac’s Business Bank customers if they have been impacted by COVID-19.

“Ultimately, what’s most important is ensuring businesses – and the economy - can come out the other side of this.”

Westpac’s support package for business will include:

·      Repayment relief to defer principal and interest repayments of eligible business loans for six months (with interest to be capitalised) for businesses with a total lending exposure up to $10 million

·      Unsecured three-year term loan up to $250,000 for new and existing business customers with turnover of less than $50 million

·      Zero establishment fee for standard equipment finance loans until the end of June 2020

·      We are refunding the merchant terminal rental fee for up to 3 months

·      Fee free redraws where permitted under the loan and subject to approval

·      Restructuring and consolidating loans

·      Access to term deposit funds without reduction in the interest rate

·      Deferred payments for Business Credit Cards for 3 months.

Customers can contact their Relationship Manager for more information, or  apply online.

Westpac’s expanded offer is subject to and will be effective from ACCC authorisation.

Ends.

1 Interest will be capitalised

2 Per customer group

This document has been authorised for release by Tim Hartin, Group Company Secretary.