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…
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