Westpac to retain its NZ business

Westpac will retain ownership of Westpac New Zealand (WNZL), after it announced in March that it was accessing whether a demerger would be in the best interest of shareholders as new requirements had been put in place by the Reserve Bank of New Zealand.

In an announcement to the Australian Securities Exchange (ASX) Westpac Group chief executive, 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.”

The announcement noted that the WNZL board’s priority was to finalise the appointment of a new CEO to replace David McLean who would retire on 25 June, 2021. General manager for institutional and business banking, Simon Power, would act as CEO from Friday.

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