Westpac to retreat from Asia to focus on Australia, New Zealand

SYDNEY: Australia's Westpac Banking Corp said on Wednesday it will exit operations in China and some other Asian markets to focus on its core domestic and New Zealand businesses, following a review of its international operations.

The country's second-largest lender said it will exit operations in Beijing, Shanghai, Hong Kong, Mumbai and Jakarta and consolidate its international operations into branches in Singapore, London and New York.