SYDNEY: Westpac Banking Corp will sell its Pacific businesses in Fiji and Papua New Guinea for up to A$420 million ($312.1 million), Australia's No. 3 lender said on Monday, offloading another unit to focus on its core local operations.
The sale is the latest by Westpac in its effort to boost capital after taking large COVID-19 provisions for potential bad debts and a record fine in September for enabling millions of illicit payments, including to people exploiting children.
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