Westpac NZ may be up for sale

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Forums › Finance and wealth management › Westpac NZ may be up for sale

nzkc

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#283994 24-Mar-2021 18:03

https://www.stuff.co.nz/business/300261126/westpac-considering-sale-of-new-zealand-business

Whenever a company says "considering" they mean "we want to".

Could get interesting since all the government banking is through Westpac. There's long been an argument, from the Greens IIRC, that it should be with Kiwibank. This could be an opportunity to move them (could Kiwibank handle the value though).

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#2679911 24-Mar-2021 18:16

I remember when they took over trust bank and then they changed to WestpacTrust and would never change the name....,

Balm its gone!

k1w1k1d

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#2679926 24-Mar-2021 18:30

Who would be the likely buyers?

cshwone

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#2679932 24-Mar-2021 18:47

k1w1k1d: Who would be the likely buyers?

Chinese? And I say that only slightly tongue in cheek.

old3eyes

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#2679940 24-Mar-2021 19:08

waikariboy:
I remember when they took over trust bank and then they changed to WestpacTrust and would never change the name....,

I also remember the Trust Bank management saying that they would never sell it.

Regards,

Old3eyes

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#2679942 24-Mar-2021 19:11

k1w1k1d: Who would be the likely buyers?

IPO it on the NZX

Look at how well My Food Bag did - for the sellers that is

antonknee

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#2679946 24-Mar-2021 19:28

Hey I have an idea, why don’t they break it up into smaller, regional banks and possibly vest the ownership in community trusts of some kind? Oh, wait....

In all seriousness, this would be a pretty big trade sale and I’m unsure who would have pockets deep enough or if further consolidation of NZ banks is desirable. An IPO might be an option. Would government have the appetite for a bigger Kiwibank?

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Stu1

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#2679992 24-Mar-2021 20:15

k1w1k1d: Who would be the likely buyers?

Hopefully not ANZ , it would be good to see a NZ bank buy it

davidcole

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#2680000 24-Mar-2021 20:34

Stu1:
k1w1k1d: Who would be the likely buyers?

Hopefully not ANZ , it would be good to see a NZ bank buy it

Anz wouldn’t be allowed to, given they’re the biggest and westpac 2nd biggest. It’dbe almost the entire market.

Wonder if the government will move their accounts before or if it goes ahead.

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richms

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#2680001 24-Mar-2021 20:40

antonknee:

Hey I have an idea, why don’t they break it up into smaller, regional banks and possibly vest the ownership in community trusts of some kind? Oh, wait....

In all seriousness, this would be a pretty big trade sale and I’m unsure who would have pockets deep enough or if further consolidation of NZ banks is desirable. An IPO might be an option. Would government have the appetite for a bigger Kiwibank?

Well that would be one way to get a competent bank under that name.

Richard rich.ms

danielparker

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#2680003 24-Mar-2021 20:43

Lol.. this is what I was presented with...

MaxineN

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#2680005 24-Mar-2021 20:46

https://www.rnz.co.nz/news/business/439034/westpac-nz-found-to-have-breached-mismatch-ratio-requirements

I think I might go back to ANZ.

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MileHighKiwi

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#2680032 24-Mar-2021 21:35

There was a rumor last year that Kiwibank were purchasing BNZ. Perhaps a smoke screen for the acquisition of Westpac? Westpac has the govt contracts and infrastructure to enable Kiwibank to process their transactions and become one of the big 4 trading banks. I wonder if the other parent banks are reviewing their nz ops?

Pretty sure BNZ is bigger than Westpac too and ANZ already bought a bank to gain their massive market share. You can see the appeal of Kiwibank and Westpac merging. Whether or not it's realistic I have no idea.

Stu1

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#2680039 24-Mar-2021 21:47

danielparker:
Lol.. this is what I was presented with...

That’s perfect add placement

k1w1k1d

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#2680046 24-Mar-2021 22:10

Yeah, time for another name change. I've been with them since the Canterbury Savings Bank days in the early 70's.

SepticSceptic

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#2680101 24-Mar-2021 23:12

k1w1k1d:
Yeah, time for another name change. I've been with them since the Canterbury Savings Bank days in the early 70's.

Wasn't Westpac a merger between CBA (commercial bank of Australia) and Wales Bank ? May have been Bank of New South Wales?
Recall my parents had CBA cheques..

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