Westpac Bank likely to sell New Zealand business amid pressure from RBNZ

Westpac Bank likely to sell New Zealand business amid pressure from RBNZ

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Australian-run Bank Westpac acknowledged that options are being considered to sell off their operations in New Zealand.

The Bank said it was deciding if a sale would be in the best interests of its shareholders.

“Westpac is also assessing the appropriate structure for its New Zealand business and whether a demerger would be in the best interests of shareholders,” said a statement from Westpac.

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The group is said to be simplifying its total business model and combining international operations.

New Zealand’s Reserve Bank has been pressuring Westpac after a move was made to force banks to carry out more capital. It comes to light following future financial outcomes like the COVID-19 Pandemic.

A requirement was stated that Australian and New Zealand operations had to remain separate.

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