Westpac Banking Corporation (ASX:WBC) took receipt of indicative bids for its investment platform business on April 20, 2022 as the $1 billion-plus auction fires up. DataRoom understands a consortium comprising KKR & Co. Inc. (NYSE:KKR) and Commonwealth Bank of Australia (ASX:CBA) lodged an offer.

They are taking advice from JPMorgan on the potential acquisition. KKR and CBA jointly own Colonial First State Investments Limited, which is considered a frontrunner to buy the Westpac business. Macquarie Group Limited (ASX:MQG) and Netwealth Group Limited (ASX:NWL) were also expected to have lobbed first-round bids, as well as several private equity suitors who took sale documents.

AMP Limited (ASX:AMP) received sale documents but it is unclear if it made a non-binding offer.