three year low at the moment, page-14

Packer sold it for 100 Million profit, to me thats a perfect buy a good business and then make a great profit.
I dont deny the banks have issues , but take note of the strategic plays at present - after all a little culling and a few mergers is good for the sector.

Packer didnt bail out WBC im sorry.
Thats an extract from an article which best describes the happenings.
Notable mentions

Over a long career, Packer made many other notable deals and we’ve produced a table of them below. The best of these also-rans are probably Westpac and ecorp.

Struggling with bad debts after combining the ’recession we had to have’ with aggressive lending practices, Westpac reported a huge loss in the early ’90s. The share price plummeted to the mid-$2 level before Packer pounced, gobbling up a 10% stake. He sought a board seat to restructure the company but was denied and, very frustrated and angry, he sold out for a $100m profit. It was the not the success it could have been, but it was very much in keeping with Packer’s most profitable style—buying quality businesses on the cheap following bad news.