clears the air after announcing to investors that they will not spin off its New Zealand business. This comes after Australia’s oldest bank announced to market that they were considering a demerger after consolidating their international operations in Asia in March.
Westpac group chief executive officer, Peter King said “after a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders.
“Our review identified opportunities to improve service for customers and value across the WNZL business and we will progress these with the WNZL Board and management team.
“WNZL is a strong business that has been serving New Zealand for 160 years. We remain committed to delivering for customers and fulfilling our purpose of helping Australians and New Zealanders succeed,” Mr King said.
New Zealand Chief David McLean who announced his retirement in May hands over its reigns to Simon Power, general manager institutional and business banking as acting CEO from tomorrow.
Shares in Westpac are trading 0.69 per cent lower at $25.90.