Westpac undergoing review, slams speculation of assets sales

THE Westpac group is currently undertaking a strategic review of its specialist businesses, which includes wealth platforms, superannuation products, investments, general and life insurance among others, according to the bank.
Responding to questions from The National regarding a report from an overseas media company that Westpac was believed to be close to selling its Pacific banking operations under this strategic review, a spokesperson said the bank had shared in May that it was currently undertaking a strategic review and there would be speculation following that announcement.
According to the bank, the strategic review also includes auto finances and its Westpac Pacific banking operations.
“Given this, there is going to be ongoing speculation circulating, as there has been since Westpac sold some of its Pacific operations in 2015,” the spokesperson said.
“Westpac does not respond to speculation and, as always, if there is news to share about our business, our people and customers will hear it from us.
“Westpac PNG is part of Westpac Banking Group and customers can be assured that we are here to help and continue to support people and communities across Papua New Guinea, including through the support we are offering during the Covid-19 pandemic.”
The spokesperson said Westpac had offered assistance to its customers since February when Covid-19 began to spread globally, helping its business and home loan customers through a number of assistance measures, including loan deferrals.
“We are pleased to say that there has not been a large number of our PNG customers who have needed assistance,” they said.
“This is different to what we have seen in other jurisdictions like Australia where take up of bank assistance packages has been widespread.
“There have of course been sectors in PNG that have been affected significantly, especially people whose jobs are impacted by global restrictions on international travel like aviation and the hotel industry.”