SYDNEY, March 6, 2026, 17:33 AEDT
Westpac Banking Corp intends to pull its SEC registration as soon as May 2026, according to a filing, shifting its approach to long-term U.S. dollar funding but retaining its link to U.S. debt investors. The bank said it would halt its standard SEC reporting once it submits Form 15F, triggering a roughly 90-day clock until deregistration is finalized.
This shift is significant right now: Australia’s third-largest bank by market cap could sidestep one tier of U.S. reporting, yet still tap dollar funding. Westpac pointed to brisk household deposit growth, enough to take its deposit-to-loan ratio past 80%—an indicator of how much its loans lean on customer funds—as local Australian debt markets matured further.
Westpac plans to continue selling long-term U.S. securities, according to the filing, relying on Rule 144A and section 3(a)(2) of the Securities Act. Rule 144A is limited to big institutional investors; section 3(a)(2) exempts certain bank-issued or guaranteed securities from registration.
Westpac’s February trading update offers a clue about the move’s timing. For the quarter ending Dec. 31, the lender booked A$1.9 billion in unaudited net profit, pulled in A$12 billion worth of new deposits, and expanded lending by A$22 billion. It also disclosed A$18 billion raised in long-term wholesale funding from bond markets since the financial year kicked off.
Chief Executive Anthony Miller sounded an upbeat note in the update: “We are optimistic on the outlook for the economy and expect demand for both business and household credit to remain resilient.” After the release, Westpac shares climbed to a record high. Westpac
Friday’s decision pushes the bank further from U.S. public-market disclosure. According to Westpac’s investor website, the lender pulled its American depositary shares from the New York Stock Exchange back on Jan. 31, 2022.
Westpac called the new structure in line with what other Australian banks are doing. National Australia Bank and Commonwealth Bank both tap U.S. markets using Rule 144A, their public funding documents show. Commonwealth, for its part, also carries a $25 billion 3(a)(2) medium-term note program.
The move isn’t complete yet. Westpac says it plans to file Form 15F no sooner than May. Under SEC rules, full termination would kick in 90 days later—unless the Commission raises objections. Even after that, the bank said investors will still find required disclosures on its website.
