Investor Presentaiton
Westpac New Zealand review.
Strategy
Westpac is reviewing the most appropriate ownership structure for its New Zealand operations. The business
has been a valuable contributor for many years. The review is ongoing.
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Rationale for the review
Contribution to Westpac Group
•
Banking is increasingly a local business
1H21 Cash earnings ex notables (%)
BS11 operational separation limits synergies
5 Considerations
Potential value uplift from two locally focused businesses
Separation and independence costs
Impact of RBNZ reviews
Status
Regulator engagement required
Determining potential split of balance sheet in a demerger
Progressing analysis
34
Westpac Group 2021 Interim Results Presentation & Investor Discussion Pack
Lending (%)
15
0
12
85
0
88
■Group ex Westpac NZ
■ Westpac NZ
■ Group ex Westpac NZ
■ Westpac NZ
Westpac GROUPView entire presentation