Westpac has completed the institutional book build to offload a $645 million stake in BT Investment Management, raising capital to bolster its balance sheet.
The lender on Thursday said it had completed the institutional book build for the sale of 60 million shares at $10.75 each.
The sale, which was priced at the upper end of the $10.25-$10.75 range announced by Westpac late on Wednesday, will cut its stake from 29 per cent to 10 per cent.
"The institutional book build has delivered a good result for Westpac and sees several high quality institutions join the BTIM register," Westpac chief financial officer Peter King said.
Proceeds from the sale will add about 10 basis points to Westpac's Common Equity Tier 1 capital ratio.
Westpac intends to eventually offload the remaining stake in the ASX-listed investment service, but not before BTIM's 2018 first-half results expected in May that year.
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