Australia’s Westpac to sell Hastings’ UK, U.S. business to Northill

Industry: Banking 2017-12-22

Westpac Banking Corp (WBC.AX) said on Wednesday its unit, Hastings Management Pty, will sell its international businesses managed out of the United Kingdom and United States to London-based asset manager Northill Capital.

Westpac said last month it would sell Hastings’ fund management business to Northill without divulging the terms of the deal, in a move by a big Australian bank to offload a capital intensive division amid stiffer bank capital rules.

Source: Reuters.com

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