The Westpac Banking Corp (ASX: WBC) share price has been a very strong performer on Monday.
In afternoon trade the banking giant's shares are up an impressive 6% to $15.80. This compares to a solid 4.4% gain by the S&P/ASX 200 Index (ASX: XJO).
Why is the Westpac share price surging higher?
It isn't just Westpac storming higher, investors have been fighting to get hold of all the big four banks' shares today.
At the time of writing, the Australia and New Zealand Banking Group (ASX: ANZ) share price is up 5%, the Commonwealth Bank of Australia (ASX: CBA) share price is up 7%, and the National Australia Bank Ltd (ASX: NAB) share price is up 5%.
Investors appear to believe the banks have been oversold and are snapping them up en masse.
Westpac COVID-19 support update.
In other news, this morning Westpac confirmed its support of the Australian Banking Association's (ABA) extended Business Support Package.
The bank's Chief Executive of Business, Guil Lima, commented: "This is about offering immediate and practical assistance to help more of our customers in need."
According to the release, Westpac's expanded Business Relief Package includes extending its existing offer to defer principal and interest repayments for six months for eligible businesses with borrowings up to $10 million (up from $3 million previously announced).
The offer also extends to its commercial property customers. Though, this is only if the customer confirms that it will not terminate leases or evict current tenants based on non-payment of rent due as a result of COVID-19.
Mr Lima added: "These are unprecedented times and they call for strong, meaningful actions. With this extension we are now able to offer access to these support measures to 98% of Westpac's Business Bank customers if they have been impacted by COVID-19."
"Ultimately, what's most important is ensuring businesses – and the economy – can come out the other side of this," he concluded.
