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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 still searching for wealth exit


Westpac still searching for wealth exit
By
Sarah Kendell
04 May 2021
Westpac has flagged the sale of its remaining wealth-focused businesses as a key part of its cost-cutting strategy, as the bank’s remediation expenses jumped in the first half despite strong performance in super and platforms.
In its investor presentation around the bank’s half-year results on Monday, Westpac said it was targeting an $8 billion cost base by the 2024 financial year, and that the exit of “non-core businesses” placed in its specialist businesses arm – including BT and Westpac Life Insurance – was key to this strategy.
The bank said it was aiming to have all transactions completed on the sale of its specialist businesses by the 2024 financial year, with four of the businesses already under sale agreements since the division was created within Westpac in 2019. ....

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