Westpac has included its superannuation, platforms, and investments division under its portfolio simplification progress announcements, further cementing plans to offload the business.
In an announcement to the Australian Securities Exchange (ASX) on the bank’s 3Q21 capital, funding and credit quality update, Westpac included what businesses it had recently sold and when they were completed or were expected to be completed.
However, it included its superannuation, platforms, and investments division in this review without any further information about when a divestment would be announced nor when it would be completed.
This follows Westpac’s announcement in May that said its super, platforms, and investments business were “under consideration” to be sold.
Business under the specialist business division that have been sold were Vendor Finance, Westpac Pacific, and Motor Vehicle Finance.
The most recent business that was sold by the bank was its Westpac Life Insurance arm announced last week to TAL.
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The research house is set to offer research ratings of superannuation funds for the first time amid growing demand from financial advisers.
Treasury is calling for submissions on its draft regulations in relation to the calculation of the proposed Division 296 tax.
Initially intended to offer a “simple, cost-effective” option for Aussies invested in default fund options, a super consultant has weighed in on what the scheme has actually done for members.
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