Business
Westpac dumps Zip stake following deal with rival Afterpay – Sydney Morning Herald
Westpac has announced it will dump its stake in Zip Co just one day after it signed a deal with its buy now, pay later rival Afterpay.
Westpac said the decision to sell its stake in Zip reflects its approach to simplifying its business and ensuring the efficient use of capital.
“Larry Diamond, Peter Gray and the management team of Zip have done a tremendous job growing the company, including expanding globally. We look forward to seeing them continue to grow a global customer franchise,” Westpac chief information officer Gary Thursby said.
He indicated that Westpac was still looking to partner with Zip. It was expected to be the…
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