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Super among Westpac’s ‘portfolio simplification’ candidates
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 Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
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