Business
Westpac (ASX:WBC) makes $420 million sale – The Motley Fool Australia
Fiji and Papua New Guinea businesses are being sold off, as Westpac continues to get rid of its non-core operations.
Westpac Banking Corp (ASX: WBC) has sold its Pacific operations to Kina Securities Ltd (ASX: KSL) for $420 million.
The Australian bank announced to the ASX before Monday’s opening that Westpac Fiji and Westpac’s 89.91% ownership in Westpac Bank PNG will be handed over to Kina Bank sometime before September.
The two arms are currently known together as Westpac Pacific. The business generated cash earnings of about $11 million for the bank’s 2020 financial year.
As of the end of September, Westpac…
-
Noosa News13 hours agoGreen is the new black
-
Noosa News9 hours agoIan McLeod, 95, powering his farm ute and house on waste vegetable oil
-
General18 hours agoAlbanese’s contempt for US alliance risks Australian sovereignty
-
General11 hours agoIran-Israel conflict live: US moves B-2 bombers across Pacific as Israeli jets launch fresh attack on Iran