Press Release – Westpac New Zealand Westpac New Zealand Limited (WNZL) remains part of Westpac Group following a decision for the two businesses not to demerge. Westpac Group Chief Executive Officer, Peter King, said: After a detailed review, we believe a demerger of the WNZL business … Westpac New Zealand Limited (WNZL) remains part of Westpac Group following a decision for the two businesses not to demerge. Westpac Group Chief Executive Officer, Peter King, said: “After a detailed review, we believe a demerger of the 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.