Business
Westpac closes China business in Asia retreat – The Australian Financial Review
Westpac is closing its operations in Hong Kong and mainland China as part of a consolidation of its international business. Sources say the move is not because …
Over time, it would improve the bank’s capital efficiency by reducing risk-weighted assets by over $5 billion. Westpac hopes to retain its big institutional customers in the region despite the staged rollout. This includes Bank of China and some major Chinese state-owned enterprises.
The move is a turnaround from its strategy to pursue opportunities from Asia’s rapid urbanisation which was driving demand for infrastructure financing. Two years ago, executives also said there could be opportunit…
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