May 5 (Reuters) - Westpac Banking Corp WBC.AX :
* WESTPAC ACKNOWLEDGES ASIC PROCEEDINGS
* TAKES ALLEGATIONS VERY SERIOUSLY AND IS CONSIDERING ITS POSITION
* CONSIDERING ITS POSITION HAVING JUST RECEIVED ORIGINATING APPLICATION AND CONCISE STATEMENT OF CLAIM
* ALLEGATIONS RELATE TO INTEREST RATE HEDGING ACTIVITY DURING CO'S INVOLVEMENT IN 2016 AUSGRID PRIVATISATION DEAL