June 17 (Reuters) - Westpac Banking Corp (WBC) said on Wednesday it would sell its remaining 9.5% stake in fund operator Pendal Group Ltd (PDL) for about A$185.4 million ($128.26 million).
Westpac's announcement was in line with its plans to sell the remaining 31 million shares in the investment manager, after a previous sale of Pendal shares in 2017. (https://reut.rs/2UOogIv)
Shares will be offered to institutional investors at A$5.98 each, a 4% discount to Pendal's last closing share price.
After the deal, Westpac expects to add about 2 basis points to the bank's common equity Tier 1 capital ratio and see a post-tax accounting gain in the second half of A$32 million.
It will also likely withdraw almost A$2 billion worth of funds from Pendal in two tranches by the end of 2021, the country's no. 2 lender added.
Last month, Pendal, which was earlier known as BT Investment Management, reported a 14% decline in funds under management in the first-half led by A$2 billion worth of outflows from the Westpac book.
Swiss investment bank UBS is acting as the offer's underwriter and bookrunner. ($1 = 1.4455 Australian dollars)
June 17 (Reuters) - Westpac Banking Corp (WBC) said on...
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Last
$33.72 |
Change
0.530(1.60%) |
Mkt cap ! $115.3B | |||
| Open | High | Low | Value | Volume |
| $33.13 | $33.76 | $33.00 | $130.5M | 3.883M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1000 | $33.65 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $33.74 | 326 | 1 |
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| WBC (ASX) Chart |