(Updates with background throughout, adds comments from Westpac, regulator)
July 19 (Reuters) - An Australian regulator announced on Friday a reduction of A$500 million in the A$1 billion ($670.50 million) capital add-on it had imposed on Westpac (WBC) in 2019 after identifying higher operational risk in the bank's risk governance self-assessment.
In July 2019, the country's prudential regulator had asked Westpac, ANZ Group (ANZ) and National Australia Bank (NAB) to set aside an additional A$500 million each until they strengthen their risk management and reimburse customers for wrongly charged fees.
The regulator then
imposed
an additional A$500 million capital add-on on Westpac in December 2019 to reflect the bank's heightened operational risk profile, primarily due to risk governance concerns.
In mid-March, the country's prudential regulator
removed
the A$500 million imposed on NAB.
Westpac said the reduction will boost its common equity tier 1 (CET1) capital ratio by 18 basis points.
"The remaining A$500 million capital add-on will remain in place until Westpac completes its transition work," the regulator added. ($1 = 1.4914 Australian dollars)
(Updates with background throughout, adds comments from...
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