Westpac Banking Corporation was established in 1817 as the Bank of New South Wales. It acquired the Commercial Bank of Australia in 1982 before being renamed shortly afterwards.
WBC is a favourite of Raymond Chan’s.
“We believe WBC offers the most compelling valuation of the major banks. In terms of quality of overall risk profile,” Raymond says.
“We believe Westpac is a close second to CBA.
“On credit risk, we believe WBC is positioned relatively defensively due
to its loan book being more skewed to Australian home lending,” he added.
“This is why WBC is a favourite,” Raymond concluded.
Source: Google
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