Finance

Westpac's Australian parent mulls spinning it off

Jenny Ruth
Wed, 24 Mar 2021

Westpac group chief executive Peter King.

Jenny Ruth
Wed, 24 Mar 2021

Westpac is considering spinning off its New Zealand banking business but says the review is at "a very early stage" and no decisions have been made.The Australian bank said it has been "assessing the appropriate structure for its NZ business and whether a demerger would be in the best interests of shareholders".The review will also consider the impact of the Reserve Bank of New Zealand's regulatory move against the NZ subsidiary announced earlier today, Westpac said.The Reserve Bank has ordered the Australian-owned bank...

Try free for 10 days

Trustworthy, balanced journalism every day from our growing team of New Zealand business reporters and commentators, plus more in our weekend magazine section, The Life.

Instant News Alerts based on keywords you choose or journalists you follow
Our Daily Digest of all stories at 6am, midday or 6pm
A custom library of your saved stories
An industry-leading search engine
Try for 10 days without paying and if you’re not convinced cancel with just two clicks.

Support quality New Zealand journalism by subscribing today.

Find out more

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Property

Pet food millionaire snaffles Taupō racetrack

Pattrick Smellie | Sat, 17 Apr 2021

Tony Quinn is adding Taupō's Bruce McLean Park to the motorsport facilities he already owns at Hampton Downs and Highlands.

Markets Exclusive

Market regulator blasts Australian 'culture of leaks'

Dan Brunskill | Sat, 17 Apr 2021

Leaks are threatening market integrity and should not be tolerated, NZ RegCo says.

Opinion

The traditional office is dying a slow, painful death

Jehan Casinader | Sat, 17 Apr 2021

The modern workplace has been through various iterations in recent decades, but no one questioned why it existed in the first place.

Partner Content

Highlights from the New Zealand company earnings season

The February earnings season has provided a snapshot of the impact covid-19 has had on different sectors over the last six months and expectations for the year ahead.

Westpac's Australian parent mulls spinning it off

Not convinced yet?

Your company has a subscription

Team