March 24 (Reuters) - Westpac Banking Corp WBC.NZ :
* WESTPAC NEW ZEALAND TO COMMISSION INDEPENDENT RISK REVIEWS-WBC.AX
* WESTPAC NEW ZEALAND ACKNOWLEDGES IMPORTANCE OF LIQUIDITY AND RISK GOVERNANCE OBLIGATIONS AND WILL SUPPORT INDEPENDENT REVIEWERS
* WNZL HAS TAKEN A NUMBER OF STEPS TO IMPROVE RISK GOVERNANCE BUT RECOGNISES MORE WORK IS REQUIRED
* WNZL SUPPORTS ADDITIONAL OVERSIGHT THAT INDEPENDENT REPORTS WILL PROVIDE
* BREACHES OF RBNZ'S LIQUIDITY POLICY WERE PREVIOUSLY REPORTED TO RBNZ AND APRA
* REVIEWS APPLY ONLY TO WNZL AND NOT GOVERNANCE PROCESSES OF WESTPAC BANKING CORPORATION IN AUSTRALIA OR ITS NEW ZEALAND BRANCH
* WILL SUPPORT INDEPENDENT REVIEWERS TO PROVIDE NECESSARY REPORTS TO RESERVE BANK
* WNZL WILL ALSO ACT PROMPTLY ON ANY RECOMMENDATIONS FROM REVIEWS