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Westpac completes further business sale


Westpac completes further business sale
By
Sarah Kendell
03 August 2021
The major bank has completed the sale of another of its specialist businesses as part of a simplification strategy.
In a statement, Westpac said it had completed the sale of its vendor finance business to Angle Finance, almost a year after the transaction was originally announced.
“Westpac is pleased to have successfully executed the transaction, which will help Australian businesses continue to finance small ticket equipment loans to grow and be successful and help us become a simpler bank,” Westpac chief executive of specialist businesses and group strategy Jason Yetton said. ....

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Westpac exits insurance businesses


Mortgage Business
07 July 2021
Westpac has sold its New Zealand life insurance business for $373 million, after offloading its local general insurer for $725 million.
The big four bank has sold Westpac Life-NZ-Ltd to Fidelity Life Assurance Company, New Zealand’s largest locally owned life insurer.
The two companies have also signed an exclusive 15-year agreement for the distribution of life products to Westpac’s local customers.
The sale price of around $373 million is expected to result in a post-tax gain on sale and add around 7 bps to Westpac’s common equity tier 1 capital ratio.
The transaction will also include ongoing payments from the distribution agreement to Westpac New Zealand. ....

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