SYDNEY – Australian non-bank lender Pepper Money Limited PPM.AX said on Monday it has entered a consortium with global investment firm KKR KKR.N to acquire the RAMS home loan portfolio from Westpac Banking Corp. The portfolio comprises A$21.4 billion ($13.9 billion) in residential mortgages as at September 30, 2025. Under the binding agreement, Pepper Money will…
LONDON: CMC Markets Stockbroking has been selected as the preferred vendor to extend its long-term technology and platform partnership with Westpac Banking Corporation (WBC.ASX), one of Australia’s largest financial institutions. The agreement covers Westpac’s online share trading services, Westpac Share Trading (WST) and St.George Directshares (DS), and will see CMC provide white-label web and mobile…
LONDON: Westpac has announced the appointment of Carolyn McCann as Acting Chief Executive, Consumer, effective 12 May 2025. Ms McCann is Group Executive, Customer & Corporate Services and will be seconded to lead the Consumer division while an external search is underway for a permanent replacement for outgoing Chief Executive Jason Yetton. “Carolyn is an outstanding executive…
SYDNEY: Westpac Group has appointed Paul Fowler to the position of Chief Executive, Business & Wealth. Paul Fowler is an experienced leader in financial services with a career spanning more than 20 years in business and institutional banking, corporate finance and wealth management. He joins Westpac from the Commonwealth Bank of Australia, where he is Executive General…
Westpac Banking Corporation, one of Australia’s largest banks, has announced its financial results for the year 2023, showing a strong performance despite the challenging economic environment. The bank also revealed its plans to expand its presence in Queensland, simplify its technology stack, and enhance its digital services for customers. Financial highlights The bank reported a…
SYDNEY, AUSTRALIA:P Westpac has today announced it has concluded the sales process for its Pacific banking businesses and will retain Westpac Fiji and Westpac Bank PNG Limited. Westpac will continue to support local business, improve digital and service capabilities for customers and deliver important community programs in financial literacy and education.
SYDNEY, AUSTRALIA: Westpac and BT Funds Management Limited (Trustee) have entered into a Heads of Agreement to merge, through a successor fund transfer (SFT), BT’s personal and corporate superannuation funds with Mercer Super Trust. Additionally, Westpac has entered into an agreement to sell its Advance Asset Management business (Advance) to Mercer Australia. Scope of agreements:The…
SYDNEY, AUSTRALIA: Westpac announced that it has completed the sale of Westpac Life-NZ- Limited to Fidelity Life Assurance Company Limited for NZ$400 million. The transaction was first announced on 6 July 2021 and the terms of the sale remain unchanged. Westpac expects to report a post-tax gain on sale of NZ$98 million, subject to the…
AUCKLAND, NEW ZEALAND: Westpac Group CEO Peter King and the Westpac New Zealand Board today announced the appointment of Catherine McGrath as Chief Executive Officer, Westpac New Zealand. Catherine recently returned to New Zealand from London where she was Head of Channels for Barclays Group, having previously held several senior leadership roles at Barclays since…
SYDNEY: Westpac is assessing the appropriate structure for its New Zealand business and whether a demerger would be in the best interests of shareholders. Westpac is in the very early stage of this assessment and no decisions have been made. This will also consider the impact of the Reserve Bank of New Zealand’s (RBNZ) reviews…
SYDNEY: Westpac Group announced the sale of its Pacific businesses – Westpac Fiji and Westpac’s 89.91% stake in Westpac Bank PNG Limited – to Kina Securities Limited (Kina Bank) for up to $420 million. Westpac Group Chief Executive, Specialist Businesses & Group Strategy, Jason Yetton, said the sale follows the Group’s strategic decision to focus…
SYDNEY: Westpac Group announced it will sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz and enter into an exclusive 20-year agreement for the distribution of general insurance products to Westpac’s customers. The sale price of $725 million represents a multiple of 1.3x FY20 gross written premium and is estimated to…