SYDNEY: Westpac Banking Corp will sell its Pacific businesses in Fiji and Papua New Guinea for up to A$420mil (US$312.1mil), Australia’s No 3 lender said yesterday, 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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