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WESTPAC BANKING CORPORATION

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Delayed Australian Stock Exchange  -  09:54 2022-06-26 pm EDT
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Westpac to sell one financial advisory business, merge unit's funds with Mercer Super Trust

05/25/2022 | 09:48pm EDT
FILE PHOTO: A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney

(Reuters) - Westpac Banking Corp said on Thursday it would sell one of its financial advisory businesses, Advance Asset Management, to pension fund Mercer Australia, as part of the bank's ongoing push to exit non-core businesses.

The country's third-largest lender also said it would merge its unit BT's personal and corporate pension funds with Mercer Super Trust, which is managed by Marsh & McLennan-backed Mercer Australia.

Westpac expects the deals to result in an after-tax gain of A$225 million ($159.91 million) over the remainder of this financial year and the next.

The bank, however, did not immediately respond to a Reuters' request to reveal the deal terms of the sale of its business.

The merger of BT's funds with Mercer Super Trust will create a pension fund worth A$65 billion, BT and Mercer said in a joint statement.

BT employees who support these funds will also be offered employment by Mercer, as part of the agreement, they said.

"This is a further step in the simplification of Westpac and supports the Group's focus on banking in Australia and New Zealand", said Westpac Specialist Businesses Chief Executive Jason Yetton.

Major Australian banks have, since a 2018 regulatory inquiry into the sector, exited non-core parts of their business, with Westpac in 2021 having divested its life insurance and auto loans units.

Rival Commonwealth Bank of Australia also sold its general insurance unit the same year.

Westpac shares rose about 1% to A$24.10 in early trade.

($1 = 1.4071 Australian dollars)

(Reporting by Harshita Swaminathan, additional reporting by Upasana Singh; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
COMMONWEALTH BANK OF AUSTRALIA 2.36% 92.23 Delayed Quote.-10.73%
WESTPAC BANKING CORPORATION 1.85% 19.83 Delayed Quote.-8.76%
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Financials
Sales 2022 19 318 M 13 427 M 13 427 M
Net income 2022 5 421 M 3 768 M 3 768 M
Net Debt 2022 - - -
P/E ratio 2022 13,0x
Yield 2022 6,26%
Capitalization 68 103 M 47 333 M 47 333 M
Capi. / Sales 2022 3,53x
Capi. / Sales 2023 3,34x
Nbr of Employees 34 637
Free-Float 99,5%
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 19,48 AUD
Average target price 24,67 AUD
Spread / Average Target 26,6%
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Managers and Directors
Peter Francis King Director
Michael Rowland Chief Financial Officer
John McFarlane Chairman
Scott Collary Chief Operating Officer
Peter Ralph Marriott Independent Non-Executive Director
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