For some time now, Australia's third largest bank by assets, Westpac Banking Corporation (WBK), has been a darling among U.S. dividend investors with its dividend yield of over 6%. Like the other three major Australian banks; the Commonwealth Bank of Australia (OTC:CBAUY), National Australia Bank (OTCPK:NAUBF) and the Australia New Zealand Banking Group (OTCPK:ANZBY), Westpac came through the global financial crisis (GFC) in remarkably good shape and has continued to report solid profits. But now with the Australian economy set to slow significantly on the back of China's declining economic growth, along with an overheated Australian residential property market that is set to correct, Westpac appears particularly vulnerable.
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