Streamlining operations: A pedestrian wearing a protective face mask walks past the illuminated Westpac logo displayed at a branch in Sydney. The bank has been offloading businesses it considers non-core to focus on its home market. ─ Bloomberg
SYDNEY: Westpac Banking Corp’s potential spin-off of its New Zealand unit due to tighter regulation could see some of the other three Australian-owned banks that make-up the bulk of the Kiwi banking system follow its lead, investors and analysts said.
Seeking to safeguard the New Zealand banking system, an increasingly activist central bank has been progressively separating the operations and capital of the local units from their Australian parents.
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