UPDATE: Man arrested over alleged assault and robbery of elderly Sydney man

A man has been arrested over the alleged assault and robbery of an 86-year-old man in Sydney's southwest.

Police confirmed they had taken a man into custody over the incident.

He was the third person arrested in connection with the robbery, after two women faced Bankstown Local Court today.

The alleged victim has said he "feels nothing" for the people accused of attacking him.

Frank Carlino, 86, has returned home after being treated for injuries to his face and arm following the alleged robbery, over which two women have so far been charged.

A man believed to have carried out the actual attack remains on the run.

Speaking through his granddaughter, Teresa Henri, Mr Carlino said he didn't feel angry towards his alleged attackers.

He said he had been punched twice in the mouth, which remains heavily bruised.

The assault knocked out his dentures and Mr Carlino injured his arm when he fell.

"These kinds of people are like bums, they want to steal without working," he said.

He also thanked the public who had offered donations to replace the $570 that had allegedly been stolen from him.

The family has asked that anybody wishing to help provide a donation to the Alzheimers Association.

Ms Henri said she thought there was no difference between the attack on her grandfather and the notorious one-punch Kings Cross assaults that had sparked a number of changes to state legislation.

"I went to bed with a sick feeling, I've woken up with a sick feeling," she said.

Mr Carlino was allegedly assaulted in an underground carpark in Chester Hill about 9.45am yesterday.

A 38-year-old woman was arrested in Bankstown yesterday afternoon and charged with robbery in company causing wounding.

A second woman was also charged with accessory after the fact in company over the same incident.