Westpac could follow the Chorus model to quit NZ
Westpac NZ is likely to be worth between $10 billion and $15b.
If Westpac really does want to quit New Zealand, one option is to completely separate it from the Australian parent and to distribute shares in it to existing Westpac shareholders, much as the former Telecom did with Chorus.Since those shareholders already own it, that would avoid the need for a capital raising – Westpac NZ is likely to be worth between $10 billion and $15b.Even if the Australian parent kept half the NZ bank, a float between $5b and $7.5b would be ginormous compared to the largest ever NZ float, the $1.9b Meridian Energy...
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