Business
ASX 200 flat on Wednesday
The S&P/ASX 200 Index (ASX: XJO) was almost flat today, rising slightly to 6,590 points.
Here are some of the highlights from the ASX:
Westpac Banking Corp (ASX: WBC)
Westpac revealed today that it is going to sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz and enter into an exclusive 20-year agreement for the distribution of general insurance products to Westpac’s customers.
The sale price of $725 million represents a multiple of 1.3x FY20 gross written premium and is estimated to result in a small post-tax gain on sale in FY21. The sale of the general insurance business adds around 12 basis points to Westpac’s common equity tier 1 (CET1) capital ratio.
The transaction also…
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