Westpac
(ASX:WBC) has officially terminated its agreement with Kina Securities for the sale of its Pacific businesses.
As a result, Westpac will access whether any previously recognised impairments of certain assets and transactions costs should be reversed. This comes after the banking giant recognised a loss of $121 million from the sale in their first half 2021 results.
Westpac expect to provide further details ahead of their full year 2021 results. Meanwhile, this is not surprising news for Westpac as Papua New Guinea's watchdog had already blocked the sale last week.
Westpac will continue to operate these businesses and support its Pacific customers, while assessing alternate exit options in line with its strategy to focus on banking in Australia and New Zealand.
Shares in Westpac
(ASX:WBC) are trading 1.1 per cent lower at $24.92.
