SYDNEY, July 19 (Reuters) - Australia's four biggest banks will be required to have Tier 1 capital ratios of 10.5 percent by 2020, the country's prudential regulator said on Wednesday.
The Australian Prudential (LON:PRU) Regulation Authority said in a statement that the increase in capital, which is about 100 basis points above December 2016 levels, would allow the banks to meet a benchmark of being "unquestionably strong".
Australia's four biggest banks include Commonwealth Bank of Australia CBA.AX , Westpac Banking Corp WBC.AX , Australia and New Zealand Banking Group ANZ.AX and National Australia Bank NAB.AX .