National Australia Bank has raised $A3 billion after selling shares to institutions.
The owner of the Bank of New Zealand was looking for $A2 billion to help strengthen its balance sheet to fund growth of its existing operations.
Institutions paid $A20 per share.
The issue was underwritten by Goldman Sachs JBWere, Merrill Lynch and an Australian arm of UBS.
Separately, the international ratings agency Standard & Poor's has upgraded NAB's outlook and affirmed its Double-A rating.
Analysts say the growing risk of a global recession will force Australian banks to restructure their businesses and raise more capital.
A number of high profile failures among Australian companies such as Allco and ABC Learning have also added to fundraising pressures at major banks.