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Westpac selling BT stake

Tuesday, June 16th 2015, 3:08PM

Westpac is planning to sell, through a share offer, part of its stake in BT Investment Management. Currently it owns 59% of the firm and this will fall to between 31 and 40%, it says in a stock exchange announcement.

The sale is expected to raise between A$600 million and A$700 million.

Westpac Group CFO, Peter King says the deal "allows the Group to realise a part of the investment in BTIM, increasing our capital ratios, while still maintaining a significant interest in BTIM."

“The strength and importance of the relationship remains unchanged. Wealth remains a strategically important focus for the Westpac Group and our continued investment in BTIM sees us maintain a stake in asset management which is a key factor in having a strong and diversified wealth business.”

The retail offer opens on June 22.

Tags: Westpac

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AIA 4.55 2.85 3.25 3.55
ANZ 4.44 3.20 3.59 4.00
ANZ Blueprint to Build 1.68 - - -
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BNZ - Std, FlyBuys 4.55 ▲3.45 ▲3.85 ▲4.15
BNZ - TotalMoney 4.55 - - -
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China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
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Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
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Heretaunga Building Society 4.99 3.80 3.90 -
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HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
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Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 ▲3.80 ▲4.00 4.34
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 ▲2.95 ▲3.15 3.49
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
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Pepper Essential 4.79 - - -
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SBS Bank 4.54 2.99 3.39 3.59
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The Co-operative Bank - Standard 4.40 ▲3.35 ▲3.75 ▲3.99
TSB Bank 5.34 3.35 3.75 4.05
TSB Special 4.54 2.55 2.95 3.25
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Westpac 4.59 ▲3.45 ▲3.85 4.09
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Median 4.54 2.95 3.25 3.49

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