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.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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