July 10, 2019 / 11:17 PM / 3 months ago

Australian bank regulator tells Westpac, ANZ, NAB to set aside another $350 mln

SYDNEY, July 11 (Reuters) - Australia’s prudential regulator said on Thursday it has told three of the country’s biggest banks to set aside an additional A$500 million ($348 million) each until they have strengthened risk management and reimbursed customers wrongly charged fees.

The Australian Prudential Regulation Authority (APRA) said it wrote to Westpac Banking Corp, Australia and New Zealand Banking Group Ltd and National Australia Bank Ltd to tell them of additional capital requirements.

“Australia’s major banks are well-capitalised and financially sound, but improvements in the management of non-financial risks are needed,” APRA Chair Wayne Byres said in a statement. ($1 = 1.4364 Australian dollars) (Reporting by Byron Kaye; Editing by Stephen Coates)

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