Sharechat Logo

Westpac Banking Corporation (NZX: WBC) Reviewing New Zealand Business

Wednesday 24th March 2021

Text too small?

As part of Westpac’s fix, simplify and perform strategy we have been actively considering the businesses we operate in. Westpac has already placed a number of businesses into a Specialist Businesses Division, for ultimate exit. We have also announced the consolidation of our international operations in Asia.

Westpac is also assessing the appropriate structure for its New Zealand business and whether a demerger would be in the best interests of shareholders. Westpac is in the very early stage of this assessment and no decisions have been made. This will also consider the impact of the Reserve Bank of New Zealand’s (RBNZ) reviews which were announced today.

Westpac NZ is a valuable part of the Westpac Group and has been for over 160 years.

The business continues to perform well with a strong position in retail and commercial banking. However, given the changing capital requirements in New Zealand and the RBNZ requirement to structurally separate Westpac’s NZ business operations from its operations in Australia, it is now appropriate to assess the best structure for these businesses going forward.

Westpac will provide further updates as required.

Please see the link below for details:

Westpac reviewing New Zealand business

Source: Westpac Banking Corporation



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Napier Port Holdings Limited (NZX: NPH) 2021 Earnings Guidance Update
Comvita Limited (NZX: CVT) Full Year Guidance Update
Scott Technology Limited (NZX: SCT) Meat Industry Contract Win
PaySauce Limited (NZX: PYS) Quarterly Market Update
NZ Windfarms Limited (NZX: NWF) Agrees a New VVFPA for Q1 2022 to Q3 2022
Harmoney Corp Limited (NZX: HMY) 3Q21 Trading Update
Pacific Edge Limited (NZX: PEB) United Healthcare Issues Positive Coverage Cxbladder
Scott Technology Limited (NZX: SCT) 2021 Half Year Announcement
NZX Limited (NZX: NZX) Appoints Specialist Global Expert to Tech Committee
AFT Pharmaceuticals Limited (NZX: AFT) Secures New Partners in Poland and Greece