SYDNEY— Westpac Banking Corp. said it is considering a sale or spinoff of its New Zealand business after regulators there ordered it to review its risk management.
The Australian bank said Wednesday that it is in an early stage of its assessment of the appropriate structure for its New Zealand business and whether a “demerger” would be in the best interests of shareholders. It said no decision has been made yet.
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Appeared in the March 25, 2021, print edition as 'Westpac Pressured on Division in New Zealand.'