Westpac won't ditch NZ subsidiary after all

Former cabinet minister Simon Power will be Westpac NZ's acting chief executive after tomorrow. (Image: Getty)

Thu, 24 Jun 2021

Westpac's Australian owners have decided to keep the New Zealand arm after all.In a brief statement, Westpac group chief executive Peter King said after a detailed review, "we believe a demerger of the Westpac NZ (WNZL) business would not be in the best interests of shareholders."Our review identified opportunities to improve service for customers and value across the WNZL business and we will progress these with the WNZL board and management team," King said.Westpac has long chafed against the Reserve Bank of NZ's regula...

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