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Australia's Westpac to raise annual investment by 20 percent

Published 07/09/2015, 08:48 am
Updated 07/09/2015, 08:57 am
© Reuters. Australia's Westpac to raise annual investment by 20 percent
WBC
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SYDNEY, Sept 7 (Reuters) - Westpac Banking Corp WBC.AX , Australia's No. 3 lender by assets, on Monday said it will increase annual investment spending by 20 percent as it looks to focus on customer service and improving efficiency.

An annual investment will be A$1.3 billion ($898.43 million) concentrating on technology and digital initiatives, the lender said in a statement on Monday. It will target a cost-to-income ratio of below 40 percent.

The announcement comes after Westpac's downbeat first-half results in May which missed expectations for dividends and profits. ID:nL4N0XU0GK

($1 =A$1.4470 Australian dollars)

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