Australian Banks Emerge From Financial Crisis In Better Shape
Australia’s largest banks have emerged from the financial crisis stronger and in better shape than they were prior to the onset of the crisis, with the market value of both Commonwealth Bank and ANZ now exceeding their peak valuations before the crisis began in mid 2007. Westpac was the first Australian lender to cross this milestone, after issuing $12 billion in equity to fund its acquisition of St George . On April 3rd, Westpac’s market capitalisation exceeded its previous record of $57.9 billion set on November 1st 2007. CBA and ANZ took more time to scale their peaks, but both lenders this month exceed previous records set in November and October 2007 respectively.
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Australian Banks Emerge From Financial Crisis In Better Shape
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