FILE PHOTO: People walk past a Westpac bank branch in Sydney, Australia April 20, 2018. REUTERS/Edgar Su/File Photo
SYDNEY: Australia's Westpac Banking Corp lost a bid to supply loans to a government home-deposit assistance scheme in a blow to its main income generator as it battles a money-laundering scandal, The Australian newspaper reported on Wednesday.
Australia's four biggest banks - which are in a bare-knuckle fight for mortgage business amid declining profitability and rising costs - applied for two positions on a panel of lenders for the nationwide home-affordability scheme from Jan. 1,2020, but Westpac now expected to be excluded, the newspaper reported citing unnamed Westpac sources.
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