Australia's Westpac says no U.S. subprime exposure
SYDNEY, July 26 (Reuters) - Westpac Banking Corp. (WBC.AX) Chief Executive David Morgan said on Thursday the bank did not have any exposure to the U.S. subprime market.
Westpac has exposure to troubled Australian hedge fund Basis Capital, which has lost heavily in bets gone wrong in the U.S. subprime crisis.
Investors in BT Financial Group, the wealth management unit of Westpac, had A$180 million ($159 million) in Basis Capital's two funds.
((Reporting by Michael Smith; michael.j.smith@reuters.com; Reuters Messaging: michael.j.smith@reuters.net; +61-2 9373-1821)) Keywords: WESTPAC/
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