Annonce • Apr 16
Westpac Banking Corporation to Report Q3, 2026 Results on Aug 10, 2026 Westpac Banking Corporation announced that they will report Q3, 2026 results on Aug 10, 2026 Annonce • Feb 11
Westpac Banking Corporation Announces Retirement of Chief Information Officer Scott Collary Westpac Banking Corporation announced that Chief Information Officer Scott Collary will retire from the bank later this year after a distinguished career in financial services and six years with Westpac. Mr. Collary has led Westpac’s technology function through a significant period of modernisation, resilience uplift and simplification across core systems. Mr. Collary has played a central role in strengthening the bank’s technology foundations. The bank is more stable, more resilient and better protected because of the work he has led. Most importantly, Mr. Collary has played a critical role in cyber security and scam prevention, protecting Westpac’s customers from a range of significant ongoing threats. Mr. Collary brought a calm and deliberate approach to complex challenges. Mr. Collary will remain with the bank during a transition period while a search is underway. Annonce • Dec 09
Westpac Banking Corporation to Report Q1, 2026 Results on Feb 13, 2026 Westpac Banking Corporation announced that they will report Q1, 2026 results on Feb 13, 2026 Annonce • Nov 05
Westpac Banking Corporation to Report Fiscal Year 2026 Final Results on Nov 02, 2026 Westpac Banking Corporation announced that they will report fiscal year 2026 final results on Nov 02, 2026 Annonce • Nov 04
Westpac Banking Corporation to Report Q2, 2026 Results on May 05, 2026 Westpac Banking Corporation announced that they will report Q2, 2026 results on May 05, 2026 Annonce • Nov 03
Westpac Banking Corporation Announces Ordinary Dividend for the Six Months Ended September 30, 2025, Payable on December 19, 2025 Westpac Banking Corporation announced ordinary dividend of AUD 0.77000000 for the six months ended September 30, 2025. Ex Date is November 6, 2025. Record Date is November 7, 2025. Payment Date is December 19, 2025. Annonce • Oct 10
Westpac Banking Corporation, Annual General Meeting, Dec 11, 2025 Westpac Banking Corporation, Annual General Meeting, Dec 11, 2025. Annonce • Jul 06
HSBC Reportedly to Offload Local Retail Bank HSBC Holdings plc (LSE:HSBA) is believed to be just days away from releasing documents into the market for a sale of its Australian retail banking arm, according to sources, which suggest that the business could sell for a price in the billions of dollars. Speculation surfaced at the beginning of the year that HSBC was planning a sale out of Australia, and a move would be consistent with recent strategic moves elsewhere around the global. Sources have suggested that the business had about $40 billion of loans and about $30 billion of deposits, and the talk in the market is that at least three of the top four local banks will take a look at the business - National Australia Bank Limited (ASX:NAB), Westpac Banking Corporation (ASX:WBC) and ANZ Group Holdings Limited (ASX:ANZ). Much of its value would depend on the quality of its funding, but market experts believe a sale would be in the billions of dollars. Some say Westpac could be the most likely to bid for the business, while Australian listed financial services operator AMP, which is tipped to be weighing up future options for its bank, may also make an offer. Annonce • Jun 24
Westpac Banking Corporation to Report Q3, 2025 Results on Aug 14, 2025 Westpac Banking Corporation announced that they will report Q3, 2025 results on Aug 14, 2025 Annonce • May 05
Westpac Banking Corporation Announces Ordinary Fully Franked Dividend for the Six Months Ended March 31, 2025, Payable on June 27, 2025 Westpac Banking Corporation announced ordinary fully franked dividend of AUD 0.76000000 per share for the six months ended March 31, 2025, Payable on June 27, 2025. Ex-date is November May 8, 2025. Record date is May 9, 2025. Annonce • Apr 02
Westpac Banking Corporation Appoints Kate Dee as Chief People Officer Westpac Banking Corporation has announced the appointment of Kate Dee to the position of Chief People Officer. Ms Dee is currently Chief People Officer at Bupa Asia Pacific and will take up the position later this year. Kate Dee has been Chief People Officer at Bupa Asia Pacific since 2018. Prior to this she was General Manager, Talent at NAB and Executive Director, Global Organisation and Leadership Development at Time Warner, based in London. A New Zealand national, Ms Dee is a Fellow of the Chartered Institute of Personnel and Development (CIPD) in the United Kingdom and holds degrees in Psychology and German from Victoria University. Annonce • Mar 18
Westpac Banking Corporation Appoints Nathan Goonan as Chief Financial Officer Westpac Banking Corporation has announced the appointment of Nathan Goonan as Chief Financial Officer, subject to regulatory approval. Mr. Goonan joins Westpac from National Australia Bank, where he has been since 2013. Currently Group Chief Financial Officer, Mr. Goonan oversees Finance, Group Strategy and related activities. Michael Rowland, current Chief Financial Officer, will remain in his role until Mr. Goonan joins Westpac later this year. Nathan has more than 20 years’ experience in financial services, having started his career in mergers and acquisitions at NAB before moving into investment banking. He rejoined NAB in 2013 and has been a member of NAB’s Group Executive Leadership teams since 2020. Prior to becoming Group CFO, Nathan was Group Executive Strategy & Innovation. Before this he held various roles across NAB in the fields of strategy, innovation, corporate affairs and mergers and acquisitions. Annonce • Mar 10
Westpac Names New Non-Executive Directors Westpac Banking Corporation has said that Debra Hazelton and David Cohen have been appointed as independent non-executive directors. The appointments are subject to regulatory approval. While Hazelton will join the board around March 3, Cohen will join on or around April 1. Hazelton, who has expertise in transformation, capital markets, and corporate culture, will serve on the board's remuneration committee. Cohen, who has expertise in banking transformation, risk management, and governance, will join the board's risk committee. With more than three decades of experience in global financial services, with a particular focus on the Australian and Japanese markets, Hazelton has held senior leadership roles, including as national CEO positions in both countries, as well as roles in treasury, corporate finance, and organisational culture. She currently serves as chair of Export Finance Australia, vice president of the Australia-Japan Business Co-operation Committee, and a non-executive director on the boards of Persol Holdings Co. and Australia Post. Cohen, who has worked in financial services for over 20 years, was most recently deputy chief executive of the Commonwealth Bank of Australia (CBA). In this role, he oversaw business divestments, mergers and acquisitions, and customer remediation efforts. Earlier in his career at CBA, Cohen held senior positions including as group general counsel, group executive human resources, group executive corporate affairs, and chief risk officer. Prior to joining CBA, he was general counsel at AMP and a partner at law firm Allens Arthur Robinson. Annonce • Mar 07
Jason Yetton, Chief Executive, Consumer, to Leave Westpac Banking Corporation Westpac Banking Corporation has announced Chief Executive, Consumer, Jason Yetton, has decided to leave the bank and a recruitment process is underway for a successor. Mr. Yetton has led the Consumer division since August 2023 following a long association with the Group. Over his career with Westpac, Mr. Yetton has held several Group Executive roles, including Group Strategy, Westpac Retail and Business Banking, Specialist Business Division and senior positions in BT Financial Group. Jason has played a significant role at Westpac over many years, from his early days at BT to the strategic review of its specialist businesses, where he successfully led the divestment of ten businesses. Mr. Yetton has agreed to stay on while a search is underway. Annonce • Mar 04
Resimac Group Limited (ASX:RMC) completed the acquisition of Portfolio of Auto Loan Receivables and Leases of Westpac from Westpac Banking Corporation (ASX:WBC). Resimac Group Limited (ASX:RMC) agreed to acquire Portfolio of Auto Loan Receivables and Leases of Westpac from Westpac Banking Corporation (ASX:WBC) for AUD1.6 billion on October 3, 2024.
The expected completion of the transaction is within first half of 2025.
Resimac Group Limited (ASX:RMC) completed the acquisition of Portfolio of Auto Loan Receivables and Leases of Westpac from Westpac Banking Corporation (ASX:WBC) on March 3, 2025. Annonce • Feb 21
Westpac Banking Corporation Appoints Peter Herbert as Chief Transformation Officer, Effective 3 March 2025 Westpac has announced the appointment of Peter Herbert as Chief Transformation Officer, effective 3 March 2025. This new role on the Westpac Group Executive will report to CEO Anthony Miller with responsibility for transformation across the Group, including working across divisions and technology on the delivery of the business-led simplification program, UNITE, as the project moves from planning to implementation. Since November 2024, Peter Herbert has been Acting Chief Executive, Business & Wealth. Prior to this he was Chief Operating Officer, Business & Wealth and Chief Transformation Officer, Consumer & Business Banking. Earlier, Peter spent almost 20 years with HSBC, including as Chief Operating Officer, Retail Banking and Wealth Management, Asia Pacific. Peter will take on his new role while continuing to act as Chief Executive, Business & Wealth until Paul Fowler joins in May 2025. Annonce • Feb 17
Westpac Banking Corporation Appoints Fiona Wild as Chief Sustainability Officer Westpac Banking Corporation announced that Fiona Wild has been appointed as the Chief Sustainability Officer, reporting directly to Anthony Miller Chief Executive Officer. Annonce • Feb 10
Westpac Banking Corporation Announces Board Appointments Westpac Banking Corporation announced the appointment of Debra Hazelton and David Cohen as independent Non-executive Directors, subject to regulatory approval. Debra's appointment is expected to be effective on or around 3 March 2025 and David's appointment is expected to be effective on or around 1 April 2025. Debra has over 30 years' experience in global financial services, with a particular focus on Australia and Japan. Her executive experience includes national CEO roles in Japan and Australia as well as roles in treasury, corporate/project finance and human resources/organisational culture. Debra is an experienced Chair and Non-executive Director currently serving as Chair of Export Finance Australia, Vice President of the Australia-Japan Business Co-operation Committee and Non-executive Director of the boards of Persol Holdings Co. Ltd. (listed on the Tokyo Stock Exchange) and Australia Post. Debra was previously the Chair of AMP Ltd. and AMP Bank. David has over 20 years' experience in financial services and was Deputy Chief Executive Officer of Commonwealth Bank of Australia (CBA) from November 2018 to December 2023. As Deputy CEO, David oversaw business divestments, supervised mergers and acquisitions, and progressed customer complaint resolution and remediation. Prior to this role, David was Group General Counsel, Group Executive Human Resources, Group Executive Corporate Affairs and Chief Risk Officer at CBA. David's roles prior to joining CBA include General Counsel at AMP and a Partner at Allens Arthur Robinson. Annonce • Dec 17
Michael Rowland to Retire as Chief Financial Officer of Westpac Banking Corporation in 2025 Westpac Banking Corporation announced that Michael Rowland has notified of his intention to retire as Chief Financial Officer in 2025. Michael has been with Westpac since 2020. Michael has played an important role in the financial management of Westpac since the disruption of COVID-19 and has been instrumental in establishing Westpac's strong position. During his tenure, he's seen the company through a significant business transformation, maintained a robust capital position and overseen consistent,
sustainable returns to shareholders. Michael will remain in his role while a search is undertaken for his successor. Annonce • Nov 27
Westpac Banking Corporation to Report Q1, 2025 Results on Feb 17, 2025 Westpac Banking Corporation announced that they will report Q1, 2025 results on Feb 17, 2025 Annonce • Nov 04
Westpac Banking Corporation to Report Q2, 2025 Results on May 05, 2025 Westpac Banking Corporation announced that they will report Q2, 2025 results on May 05, 2025 Annonce • Oct 24
Westpac Banking Corporation Announces Acting CEO of the Business Segment Westpac has announced that it has appointed an acting CEO, Reuters has reported. The firm has appointed Peter Herbert as acting CEO of the firm's business segment. Herbert is to take the place of Anthony Miller, who is to take over as the bank's CEO from December 16. Herbert has held several executive positions in the past. Annonce • May 15
Westpac Banking Corporation Appoints Andy Maguire as an Independent Non-Executive Director Westpac Banking Corporation (Westpac) has announced the appointment of Andy Maguire as an independent Non-executive Director. Mr. Maguire is expected to join the Board in mid July 2024, following the completion of regulatory and Australian visa requirements. Mr. Maguire has more than 35 years' experience in financial services and began his career in banking at Lloyds Banking Group. From 2014 to 2020 he was Group Chief Operating Officer at HSBC Holdings plc with responsibility for operations, technology, real estate, change and transformation and operational resilience. Previously he spent 16 years with the Boston Consulting Group, where he became Managing Partner of the London office covering the UK and Ireland, and a member of the firm's global executive committee, as well as formerly serving as Global Head of Retail Banking. Mr. Maguire is currently Chairman of UK banking software fintech Thought Machine Group. He is also an independent Non-executive Director of AIB Group plc, a financial services group operating predominately in the Republic of Ireland and the UK. Mr. Maguire previously held Chair positions with RegTech compliance company Napier AI and IT service management provider CX Holdings (Cennox Group). Annonce • May 07
Westpac Banking Corporation Announces Special Dividend, Payable on 25 June 2024 Westpac Banking Corporation Board has determined to pay a fully franked special dividend of 15 cents per share. The special dividend will be paid on 25 June 2024 to shareholders on the register at the record date of 10 May 2024. Annonce • May 06
Westpac Banking Corporation Announces Fully Franked Interim Dividend for 2024, Payable on 25 June 2024 Westpac Banking Corporation Board has determined to pay a fully franked 2024 interim ordinary dividend of 75 cents per share. The 2024 interim ordinary dividend will be paid on 25 June 2024 to shareholders on the register at the record date of 10 May 2024. Annonce • Apr 27
Westpac Abandons Bid to Sell RAMS Home Loans Westpac Banking Corporation (ASX:WBC) has scrapped the sale of its RAMS Home Loans Pty Ltd. mortgage broker franchise business after an unsuccessful Morgan Stanley-led attempt to sell it failed to secure an acceptable offer. A Westpac spokesman said the lender would consider the future of the business, which it bought for $140 million in 2007. "Westpac has concluded the sales process for its RAMS business without reaching a sales agreement," the spokesman said. "Westpac will continue to operate RAMS and support RAMS franchisees and customers while it considers further strategic options for the business." RAMS was once a strong competitor in the low- documentation mortgage lending industry. Westpac appointed Morgan Stanley earlier this year to sell the franchise business without its mortgage portfolio, and a handful of suitors participated in the talks, sources said. Westpac purchased RAMS in 2007 for $140 million in cash. Annonce • Dec 19
Westpac Banking Corporation Announces Distribution for WBCPM - CAP NOTE 3-BBSW+3.10% PERP NON-CUM RED T-09-31 for the Quarter Ending March 22, 2024, Payable on March 22, 2024 Westpac Banking Corporation announced distribution of AUD 1.35960000 for WBCPM - CAP NOTE 3-BBSW+3.10% PERP NON-CUM RED T-09-31 for the quarter ending March 22, 2024, payable on March 22, 2024. Ex-date is March 13, 2024. Record date is March 14, 2024. Annonce • Dec 14
Westpac Banking Corporation Announces Board Changes Westpac Banking Corporation at its 2023 AGM announced that Steven Gregg has joined as Chairman-Elect to replace John Thomas. He is a seasoned Chairman with strong banking credentials. Steven has aligned his current directorships to ensure he has the capacity to allocate the time necessary for a major regulated bank. Mike Hawker retired from the Board during the year, and Chris Lynch as well as John Thomas, are retiring following the AGM. Annonce • Dec 06
Westpac Banking Corporation Announces Ordinary Fully Franked Dividend for the Six Months Ended September 30, 2023, Payable on December 19, 2023 Westpac Banking Corporation announced ordinary fully franked dividend of AUD 0.72000000 per share for the six months ended September 30, 2023, payable on December 19, 2023. Ex-date is November 9, 2023. Record date is November 10, 2023. Annonce • Nov 03
Westpac Banking Corporation (ASX:WBC) entered into an agreement to acquire Electronic health claims processing business of Dedalus. Westpac Banking Corporation (ASX:WBC) entered into an agreement to acquire Electronic health claims processing business of Dedalus on November 2, 2023.HealthPoint will be established as a subsidiary of Westpac Banking Corporation which would continue to provide services to Health Point's existing partners. The acquisition is subject to approval by the Australian Competition and Consumer Commission and other conditions precedent. Annonce • Oct 24
Chris Lynch to Step Down as Independent Non-Executive Director of Westpac Banking Corporation, Effective 14 December 2023 Westpac Banking Corporation announced that Chris Lynch has decided not to stand for re-election as an Independent Non-executive Director atcompany's 2023 Annual General Meeting (2023 AGM) and, accordingly, will step down from the Board effective from the end of the AGM on 14 December 2023. Mr. Lynch joined the Board in September 2020 and in that time has served on the Audit, Remuneration and Risk Committees. Annonce • Oct 16
Westpac Group Appoints Steven Gregg as Non-Executive Director and Chairman-Elect Westpac Group announced the appointment of Steven Gregg as a Non-executive Director and Chairman-Elect. Mr. Gregg is a seasoned leader with more than 35 years' experience spanning chair, director and executive roles across a range of sectors. He will succeed outgoing Chairman John McFarlane, with his appointment as Non-executive Director and Chairman-Elect effective November 7, 2023, subject to regulatory approvals. Mr. McFarlane will complete his term as Westpac Chair at this year's AGM on December 14, 2023. Mr. Gregg says he's looking forward to joining the Westpac Board. In light of his appointment, Mr. Gregg has rationalised his current director portfolio by retiring as a Non-executive Director of Challenger Financial Group Limited. He's also announced he will retire as Chair and Non-executive Director of The Lottery Corporation in the first quarter of the 2024 calendar year. Age is 62 years. Mr. Gregg has more than 35 years' experience spanning chair, director and executive roles across a range of sectors. He has been the Chair of Ampol Limited since 2017, Unisson Disability Foundation since 2010, and The Lottery Corporation since 2022 (retiring first quarter calendar year 2024). Mr. Gregg has previously held board positions with Challenger Financial Group, Goodman Fielder Limited (Chair), Austock Group Limited (Chair), Tabcorp Holdings Limited (Chair), Caltex Australia Limited and The Australian Museum (Trustee). Mr. Gregg was a Partner at McKinsey & Company between 2005 and 2009 and prior to this was UK Head at ABN AMRO. Earlier in his career he held executive positions with Lehman Brothers and Chase Manhattan Bank, after starting as an economist with AMP Morgan Grenfell. Mr. Gregg holds a Bachelor of Commerce, Economics from the University of New South Wales. Annonce • Oct 05
Westpac Fails to Sell Pacific Banking Business Westpac Banking Corporation (ASX:WBC) said it had cancelled the sale of its Fiji and Papua New Guinea businesses, ending a years-long process that was beset by regulatory problems. The company has been trying to leave the pacific for years, with its AUD 420 million ($264.77 million) divestment deal with Kina Securities back in 2021 being blocked by a Papua New Guinea regulator. "Any failure to successfully divest businesses means that we may have sustained exposure to higher operating costs and to the higher inherent risks in those businesses," Westpac had told the market during its interim results in May. Annonce • Sep 08
Westpac Acknowledges the Civil Penalty Proceedings Commenced by ASIC Westpac acknowledges the civil penalty proceedings commenced by ASIC in the Federal Court alleging contraventions under the National Credit Code (Credit Code) and National Consumer Credit Protection Act. The proceedings relate to a technology failure in which ASIC alleges 229 applications for hardship assistance submitted between 2015 and 2022 were not assessed within 21 days, as required under the Credit Code. Over this period, Westpac received approximately 630,000 applications for hardship assistance. Once Westpac identified the incident the company self-reported it to ASIC. The company is considering the matters raised by ASIC and have cooperated with their investigation. Annonce • Sep 07
Westpac Banking Corporation Acknowledges ASIC Proceedings Westpac Banking Corporation acknowledged the civil penalty proceedings commenced by ASIC in the Federal Court alleging contraventions under the National Credit Code (Credit Code) and National Consumer Credit Protection Act (NCCP Act). The proceedings relate to a technology failure in which ASIC alleges 229 applications for hardship assistance submitted between 2015 and 2022 were not assessed within 21 days, as required under the Credit Code. Over this period, Westpac received approximately 630,000 applications for hardship assistance. Annonce • Jul 22
Westpac Banking Corporation Announces Executive Changes Westpac Banking Corporation announced Leadership Changes: Jason Yetton, Chief Executive, Consumer. Anthony Miller, Chief Executive, Business & Wealth. Nell Hutton, Chief Executive, Westpac Institutional Bank. Scott Collary, Chief Information Officer. Carolyn McCann, Group Executive Customer & Corporate Services. With the separation of Consumer & Business Banking, Chris de Bruin, current Chief Executive, Consumer & Business Banking has decided to leave the Group to pursue new opportunities. Jason has a 30-year history with the Group. His breadth of expertise stretches across all facets of banking, including time running Westpac's retail and business banking division from 2011 to 2015. Jason has also led portfolio simplification since 2020. Since joining three years ago, Anthony has grown company's institutional business while improving return. He is a seasoned banker, having held executive and client facing roles at some of the world's leading banks. Anthony is well-placed to drive growth in Westpac business banking. Scott Collary will continue to spearhead company's technology transformation with a focus on streamlining company's tech systems across the Westpac Group, while Carolyn McCann will lead an expanded division for customer and corporate shared services, including operations, helping to leverage the benefits of scale. The organization changes will take effect on 1st August 2023 and will be reflected in the 2024 financial results. Annonce • Jul 17
Westpac Banking Corporation Announces Resignation of Michael (Mike) Hawker AM as Independent Non-Executive Director Westpac Banking Corporation (Westpac) has announced that Michael (Mike) Hawker AM has decided to step down from the Board as an independent Non-executive Director, effective from 15 July 2023. Mr. Hawker joined the Board in December 2020 and in that time served on various Committees, including the Board Technology, Risk, Nominations & Governance and Legal, Regulatory & Compliance Committees. Annonce • May 09
Westpac Banking Corporation Determines Interim Fully Franked Dividend, Payable on 27 June 2023 Westpac Banking Corporation has determined an interim fully franked dividend of 70 cents per share, to be paid on 27 June 2023 to shareholders on the register at the record date of 12 May 2023. The 2023 interim dividend represents a payout ratio of 61.33%. In addition to being fully franked, the dividend will also carry NZD 0.07 in New Zealand imputation credits that may be used by New Zealand tax residents. Annonce • Feb 04
Westpac Banking Corporation (ASX:WBC) announces an Equity Buyback for AUD 3,500 million worth of its shares. Westpac Banking Corporation (ASX:WBC) announces a share repurchase program. Under the program, the company will repurchase up to AUD 3,500 million worth of its shares. The share repurchase price will be within a discount range of 0%-10%. The offer will close on February 11, 2022. Annonce • Feb 03
Westpac Banking Corporation Announces Executive Changes Westpac Banking Corporation announced that Chief Risk Officer, David Stephen has decided to leave the Group after more than three years of service. David led the Risk function through significant change and has helped the Group navigate a challenging external environment while also improving the Group's risk capability and culture. Les Vance, Group Executive, Financial Crime, Compliance and Conduct will also be leaving the Group later in the year. Ryan Zanin has been appointed Westpac Group Chief Risk Officer, joining the Group from the Federal National Mortgage Association (Fannie Mae) in New York, where he is Executive Vice President and Chief Risk Officer. Mr. Stephen will remain in his current role until May, when Mr. Zanin will join the Group subject to regulatory approval. Annonce • Dec 22
ACN 603 303 126 Pty Ltd completed the acquisition of motor vehicle dealer finance and novated leasing businesses of Westpac Banking Corporation from Westpac Banking Corporation (ASX:WBC). ACN 603 303 126 Pty Ltd agreed to acquire motor vehicle dealer finance and novated leasing businesses of Westpac Banking Corporation from Westpac Banking Corporation (ASX:WBC) on June 28, 2021. Post completion, motor vehicle dealer finance and novated leasing businesses of Westpac Group will operate as Angle Auto Finance. Completion of the transaction is subject to regulatory approvals. The transaction is expected to complete by the end of the calendar year. Citi acted as financial advisor to Cerberus, parent company of ACN 603 303 126 Pty Ltd.
ACN 603 303 126 Pty Ltd completed the acquisition of motor vehicle dealer finance and novated leasing businesses of Westpac Banking Corporation from Westpac Banking Corporation (ASX:WBC) on December 20, 2021. The transaction is expected to add 6 basis points to Westpac’s Common Equity Tier 1 capital ratio and generate an accounting gain on sale. Annonce • Dec 09
Colonial First State Reportedly Sets Sights on BT Panorama Colonial First State Investments Limited is believed to be setting its sights on buying Westpac Banking Corporation (ASX:WBC)’s BT Panorama wealth management business that will be up for sale by June 2022. But sources are suggesting it will sidestep the opportunity to buy Westpac's superannuation business, which some suggest is in the sights of AMP. The process for BT Panorama is expected to be launched between February 2022 and June 2022 after a sale was earlier placed on hold for up to two years. Annonce • Dec 03
Westpac Reportedly Super on the Block The lender wants a deal done by early 2022 Westpac Banking Corporation (ASX:WBC) is pulling out the stops in its attempts to get a sale of its $45.4 billion superannuation business across the line. Indicative bids are due in the coming week for the superannuation business, after the bank informed as many as 50 staff they would be cut or redeployed. Westpac's chief executive Peter King wants a deal agreed in the early months of calendar 2022, ahead of any risk BT's MySuper product could fail a second consecutive regulatory performance test and have to shut the door to new members. A sale of the superannuation business, alongside the investment platform and Pacific divisions, would also help the bank reduce its overall annual cost base. About $800m of costs are attributed to Westpac's so-called specialist businesses, essentially those that are up for sale. While the divestment announcements of a string of Westpac's businesses have gone relatively smoothly - think financial planning, vendor finance, general insurance and life insurance - the collapse of the sale of the Pacific unit has caused some angst. The competition regulator in Papua New Guinea blocked the deal, sending Westpac back to the drawing board. Now Westpac and its adviser on the superannuation sale, Morgan Stanley, are seeking to drum up as much interest as possible in the division. That includes from private equity and other industry players. Annonce • Aug 04
A.C.N. 603 303 126 PTY Ltd completed the acquisition of Capital Finance Australia Limited from Westpac Banking Corporation. A.C.N. 603 303 126 PTY Ltd entered into an agreement to acquire Capital Finance Australia Limited from Westpac Banking Corporation on August 21, 2020. The transaction is structured with an initial payment on completion and overdue consideration payable over the two-year period after closing of the transaction. Westpac will sell the vendor finance business that currently operates out of the Westpac subsidiary Capital Finance Australia Limited. Westpac will continue to retain and manage the remaining CFAL Equipment Finance business in its business division. Westpac agreed to sell its vendor finance business as part of its strategy to focus on core banking operations and trim its portfolio of underperforming businesses. Completion of the transaction is expected to occur at the end of April 2021. The sale is expected to have a negligible impact on Westpac’s balance sheet and capital ratios. There is expected to be a small accounting loss on sale due to the transaction being structured with an initial payment on completion and deferred consideration payable over the two-year period following completion. Noah Obradovic, Tom Story, Patrick McGregor, Terence Zhou, Benjamin Downie, Tom Monk, Jessica Mottau, Jacqueline Downes, Sikeli Ratu and Kim Reid of Allens acted as legal advisors to Cerberus, ultimate parent of A.C.N. 603 303 126 PTY, in the deal.
A.C.N. 603 303 126 PTY Ltd completed the acquisition of Capital Finance Australia Limited from Westpac Banking Corporation on August 3, 2021. The sale has a negligible impact on Westpac’s balance sheet and capital ratios. A small accounting loss was recognised in FY20. Annonce • Jul 02
Allianz Australia Limited completed the acquisition of Westpac General Insurance Limited and Westpac General Insurance Services Limited from Westpac Banking Corporation (ASX:WBC) for approximately AUD 750 million. Allianz Australia Limited agreed to acquire Westpac General Insurance Limited and Westpac General Insurance Services Limited from Westpac Banking Corporation (ASX:WBC) for approximately AUD 730 million on December 2, 2020. The transaction also includes contingent payments subject to integration milestones and business performance over the next five years, as well as ongoing payments in accordance with the distribution agreement. Westpac will retain responsibility for certain pre-completion matters and provide protection to Allianz via a combination of provisions, warranties and indemnities. Allianz will welcome Westpac’s general insurance employees after the transaction has been finalized.
Completion of the transaction is subject to various regulatory approvals and is expected to occur in Second Half of 2021. JPMorgan Chase & Co. (NYSE:JPM) acted as financial adviser for WBC. Raji Azzam, Philip Hopley, Katherine Gregor and Melissa Swain-Tonkin of Herbert Smith Freehills acted as legal advisor to Allianz Australia Limited and King & Wood acted as legal advisor to Westpac Banking Corporation (ASX:WBC) in the transaction.
Allianz Australia Limited completed the acquisition of Westpac General Insurance Limited and Westpac General Insurance Services Limited from Westpac Banking Corporation (ASX:WBC) for approximately AUD 750 million on July 1, 2021. Annonce • Jun 30
Westpac Reportedly Set to Make Decision on Double Life Insurance Asset Sell-Off for Australia and NZ Units Final bids have been submitted for Westpac Banking Corporation (ASX:WBC)'s $1.78 billion Australian life insurance division, with the sale being managed by JP Morgan. Resolution Life and TAL are said to have lodged binding offers, while TAL is also said to be interested in acquiring Westpac's New Zealand life insurance unit. JP Morgan is also managing that sale, which could generate as much as $465 million. Westpac was considering divesting its entire New Zealand operations, but announced in the week ending 25 June that it would not be doing so, stating it would not be in the best interests of shareholders. Annonce • Jun 25
Westpac Banking Confirms It Is Retaining Westpac New Zealand Westpac Banking Corporation (ASX:WBC) confirmed it is retaining 100% ownership of Westpac New Zealand Limited. Westpac Banking will not proceed with a demerger of its Westpac New Zealand business. A review identified opportunities to improve service for customers and value across WNZL business and will progress opportunities identified with WNZL board and management team. 
