Despite the Westpac limited [ASX:WBC] share price trading higher today, shares of Westpac have been consistently decreasing for the last 12 months.
Shares were trading at $31.76 on 2 August 2017, and are currently trading at 29.28 on 2 August 2018 — that’s a decrease of 7.8% for shareholders.
But with the recent appointment of Anita Fung as non-executive director, Westpac hopes her expertise in the Asia-Pacific region will carry over.
Appointment of Anita Fung set to aid Westpac limited’s share price
Ms Fung is expected to join the Westpac board on 1 October 2018 after she has completed the relevant regulatory and Australian visa requirements.
Westpac chairman Lindsay Maxsted welcome the appointment, saying:
‘Anita is a highly respected figure in the Asia-Pacific region. She has extensive experience in wholesale and retail banking alongside her active promotion of the development of the Asian financial landscape, provides diversity of experience and skills to the board of Australia’s first bank. Her deep and current knowledge of the banking sector will be a valuable in executing Westpac’s strategic priorities.’
Although it’s too early to see the impact that Ms Fung’s appointment will have on Westpac’s share price, investors can potentially expect that the skills that awarded her the Bronze Bauhinia Star in 2013 for her contributions to the development of the banking industry in Hong Kong, will reflect in the share price at Westpac in the future.
After Ms Fung’s appointment she will be an independent non-executive director, a member of the Board Risk & Compliance Committee, and a member of Westpac’s Asia Advisory.
What’s coming up for Westpac limited?
Along with the announcement of Ms Fung’s appointment, Westpac also said that significant cuts will be made to platform pricing.
The potential revenue impact of the pricing changes will ultimately depend on customer take-up. The 12 months trending decline of the Westpac share price could be reversed by growth in customers and funds under administration.
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