AIRLINK 58.85 Increased By ▲ 0.86 (1.48%)
BOP 6.18 Decreased By ▼ -0.04 (-0.64%)
CNERGY 4.00 Decreased By ▼ -0.05 (-1.23%)
DFML 15.78 Increased By ▲ 0.08 (0.51%)
DGKC 68.00 Decreased By ▼ -0.55 (-0.8%)
FCCL 17.60 Decreased By ▼ -0.15 (-0.85%)
FFBL 25.75 No Change ▼ 0.00 (0%)
FFL 9.22 Decreased By ▼ -0.09 (-0.97%)
GGL 9.95 Increased By ▲ 0.21 (2.16%)
HBL 112.00 Increased By ▲ 0.20 (0.18%)
HUBC 115.90 Increased By ▲ 1.10 (0.96%)
HUMNL 6.52 Increased By ▲ 0.08 (1.24%)
KEL 4.20 Decreased By ▼ -0.10 (-2.33%)
KOSM 3.70 Increased By ▲ 0.12 (3.35%)
MLCF 37.33 Decreased By ▼ -0.07 (-0.19%)
OGDC 116.70 Decreased By ▼ -0.50 (-0.43%)
PAEL 22.65 Decreased By ▼ -0.25 (-1.09%)
PIAA 11.04 Decreased By ▼ -0.31 (-2.73%)
PIBTL 6.16 Increased By ▲ 0.49 (8.64%)
PPL 104.27 Decreased By ▼ -0.98 (-0.93%)
PRL 26.52 Decreased By ▼ -0.03 (-0.11%)
PTC 9.59 Decreased By ▼ -0.01 (-0.1%)
SEARL 51.91 Decreased By ▼ -1.43 (-2.68%)
SNGP 65.21 Increased By ▲ 0.22 (0.34%)
SSGC 10.98 Increased By ▲ 0.04 (0.37%)
TELE 7.24 Increased By ▲ 0.08 (1.12%)
TPLP 11.94 Increased By ▲ 0.07 (0.59%)
TRG 76.35 Increased By ▲ 3.64 (5.01%)
UNITY 20.60 Decreased By ▼ -0.13 (-0.63%)
WTL 1.29 Decreased By ▼ -0.02 (-1.53%)
BR100 6,323 Increased By 37.1 (0.59%)
BR30 21,699 Increased By 112.8 (0.52%)
KSE100 61,843 Increased By 283.8 (0.46%)
KSE30 20,815 Increased By 96.5 (0.47%)
Business & Finance

Australia's Westpac to sell Pacific businesses for $312 million

  • Westpac expects the sale to Papua New Guinea-based Kina Securities Ltd to boost its core capital by 3 basis points, but is writing in an expected loss of A$230 million from the deal.
Published December 7, 2020

Westpac Banking Corp will sell its Pacific businesses in Fiji and Papua New Guinea for up to A$420 million ($312.1 million), Australia's No. 3 lender said on Monday, offloading another unit to focus on its core local operations.

The sale is the latest by Westpac in its effort to boost capital after taking large COVID-19 provisions for potential bad debts and a record fine in September for enabling millions of illicit payments, including to people exploiting children.

Westpac expects the sale to Papua New Guinea-based Kina Securities Ltd to boost its core capital by 3 basis points, but is writing in an expected loss of A$230 million from the deal.

"We are taking another step in becoming a simpler, stronger bank," said Jason Yetton, head of Westpac's specialist businesses and group strategy.

The lender is still seeking buyers for its wealth management platform. Last week, Westpac announced the sale of its general insurance arm to German insurer Allianz for A$725 million ($539 million).

Comments

Comments are closed.