Westpac Invites Bids for Wealth Management Unit
Australian lender Westpac has invited bids for its wealth management unit BT Panorama, worth ~AUD 1.5bn ($1.1bn) as per sources. Indicative offers are expected at the end of April. Westpac is following a strategy to narrow its focus by exiting wealth, pensions, life...
Westpac’s Annual Profits More Than Double to $4.1bn; Margins Fall
Australia’s third largest bank Westpac reported earnings for the full year ended September with statutory net profit up 138% YoY to A$5.46bn ($4.1bn) and cash earnings up 108% YoY to A$5.35bn ($4.01bn). Despite the strong YoY growth, cash earnings missed...
Westpac to Take One-off Charge of $956mn on H2 Profits
Australian banking major Westpac said that it will take a one-off charge of AUD 1.3bn ($956mn) against its H2 profits after quitting energy trading and provisions to ‘pay out customers seeking remediation for wrongly charged fees, and costs associated with the...
