From a WBC perspective:
WBC has announced the sale of its Pacific businesses to Kina Securities. The transaction is immaterial, but is another step in WBC's strategy to become a simpler bank. We note:
-The sale price is up to A$420m (including earn-out payments of up to A$45m) and will result in a loss on sale of ~A$230m.
-The Pacific businesses generated pre-provision profit of A$72m and cash earnings of A$11m in FY20.
-Completion is expected to occur by 30 September 2021, subject to regulatory approvals.
Smith Barney
I didn't appreciate that WBC were booking such a big loss on this asset sale. It gives me some confidence that KSL is not paying over the top.
Ann: Kina purchases Westpac's Pacific Businesses, page-3
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