Business
Westpac (ASX:WBC) considering NZ business demerger
The Westpac Banking Corp (ASX: WBC) share price has been a poor performer on Wednesday.
In late afternoon trade, the banking giant’s shares are down 1% to $24.18.
Why is the Westpac share price under pressure?
There are a couple of reasons for the weakness in the Westpac share price today.
The first was news this morning that the Reserve Bank of New Zealand (RBNZ) has instructed Westpac New Zealand to commission two independent reports concerning its risk governance and liquidity risk management.
In addition to this, the RBNZ has told Westpac that its New Zealand business will have to hold additional liquid assets until the central bank is satisfied that the previously required remediation work has been effective.
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