SYDNEY, Oct. 15 -- Australian Prudential Regulation Authority issued the following media release:

The Australian Prudential Regulation Authority (APRA) has determined that Westpac Banking Corporation (Westpac) has completed a multi-year risk transformation program required by APRA and, consequently, APRA will remove the remaining $500 million capital add-on applied to Westpac.

Following an APRA investigation in 2020, Westpac entered a Court Enforceable Undertaking (CEU) with APRA in December 2020 where it committed to remediating specific prudential weaknesses identified by APRA in its culture, governance and accountability, and address the root causes of these issues. In response, Westpac established the Customer Outcomes an...