Westpac won't ditch NZ subsidiary after all

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)
Jenny Ruth
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...

More Finance

PEP seeking payday from UP Education
Finance

PEP seeking payday from UP Education

UP Education is a NZ success story in Australia.

Pattrick Smellie 23 Apr 2025
FNZ extends controversial catch-up offer
Finance

FNZ extends controversial catch-up offer

Fintech FNZ has extended its deadline for “catch-up” equity offers, as employee shareholders say discontent grows.In March, the global fintech offered its class B shareholders a “catch-up” offer after it revealed their holdings could be massively diluted following its August capi...

Victoria Young 16 Apr 2025
The cost of over-regulated banking: $10b to $14.4b a year
Finance

The cost of over-regulated banking: $10b to $14.4b a year

Critics claim a huge annual cost from 30 years of regulatory creep.

Pattrick Smellie 16 Apr 2025
Blackbull backs Eden Bradfield into Elevation funds
Finance

Blackbull backs Eden Bradfield into Elevation funds

The Christopher Swasbrook-established fund gets new investors and portfolio manager.