Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Westpac completes $91m sale of overseas operations

Westpac completes $91m sale of overseas operations

Westpac Group has announced it has sold its banking operations in the Cook Islands, Samoa and Tonga to the Bank of South Pacific (BSP).

The $91 million transaction was originally announced to the market in January, and Westpac said the deal will not have a material impact on its financial position.

The group said the proposed sale of Westpac’s Vanuatu operations will not proceed at this time.

Advertisement
Advertisement

“Given the impact of Cyclone Pam in Vanuatu, the Reserve Bank of Vanuatu decided that now is not the time for a change of operations in the country’s banking sector,” Westpac said in a statement.

“Westpac will continue to support Vanuatu through its recovery process, and it will be business as usual for our customers and employees.”

Furthermore, Westpac said its proposed sale of its operations in the Solomon Islands will not proceed at this time, as the group and BSP are still in talks with the Central Bank of Solomon Islands in order to obtain all necessary approvals.

Westpac will retain its operations in Fiji and Papua New Guinea.

The group’s divestment of offshore operations comes after NAB announced last week that it was investigating a demerger and initial public offering of its UK subsidiary, Clydesdale Bank.

Westpac completes $91m sale of overseas operations
mortgagebusiness

 

Latest News

Three more lenders have announced cuts to their interest rate floors for home loan serviceability assessments in response to APRA’s new gu...

Mortgage-holders are wasting approximately $4.2 billion annually in “unnecessary” interest costs, according to new research. ...

Property price declines have wiped approximately $5.5 billion in revenue from state government budgets, according to a new analysis from Moo...

FROM THE WEB
podcast

LATEST PODCAST: New banks and bank CEOs

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.