We are independent and we need help to keep the industry thriving. News is important during the COVID-19 Pandemic; it can be informative especially during the toughest times of all. For us, there is a need to speed up so we can inform and share what matters faster. You can help with the progress by donating to us.

Make a donation

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.

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.

Image: Shutterstock.com

If you liked this publication, please consider donating to support thisquality being independent. Protect trustworthy news from official Government newswires and voices inside local communities. Invest in a range of interesting fields of storyful perspectives that matter.

Donate here