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Westpac Close To Selling Pacific Banks

The Australian bank is set to divest well over A$3bn (FJ$4bn) worth of non-core assets, The Australian said. These include its wealth management platform, general insurance business and car and auto loans business as well as the Pacific Bank.
02 Sep 2020 11:46
Westpac Close To Selling Pacific Banks

Westpac is believed to be close to selling its Pacific banking operations, sources quoted by Australian national newspaper The Australian said.

The Australian bank is set to divest well over A$3bn (FJ$4bn) worth of non-core assets, The Australian said. These include its wealth management platform, general insurance business and car and auto loans business as well as the Pacific Bank.

This was after Westpac announced in May while delivering its interim results that it would create a “specialist businesses” division, overseen by Jason Yetton, along with other units that were non-core, such as insurance.

The Australian said while the identity of the buyer remains unclear, logical acquirers for the Pacific Bank would be Papua New Guinea’s Bank South Pacific or French bank BRED, which owns subsidiary BRED Bank Fiji.

Westpac sold some South Pacific banking operations in 2015, including those in Samoa, Cook Islands, Solomon Islands, Vanuatu and Tonga to the Bank South Pacific for A$125m (FJ$194m).

At the time, this left Westpac with its operations in its largest Pacific markets of Fiji and Papua New Guinea.

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