Westpac's Australian parent mulls spinning it off

Westpac group chief executive Peter King.

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...

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