Westpac Banking Corp 6-K, filed Dec 18, 2020
Westpac Banking Corp (WEBNF)
About this 6-K
Westpac Banking Corp filed this 6-K on December 18, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
December18, 2020
CommissionFile Number 1-10167
WESTPAC BANKING CORPORATION
(Translation of registrant’s name into English)
275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Index to Exhibits
| Exhibit No. | Description |
|---|---|
| 1 | ASX Release – Westpac ends BT Master Relationship Agreement with IOOF |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WESTPAC<br> BANKING CORPORATION | ||
|---|---|---|
| (Registrant) | ||
| Date:<br> December 18, 2020 | By: | /s/<br> Yvette Adiguzel |
| Yvette Adiguzel | ||
| Tier One Attorney |
Exhibit 1
| Media | Level 18, 275 Kent Street<br><br> Sydney, NSW, 2000 |
|---|
Release
18 December 2020
WESTPAC ENDS BT MASTER RELATIONSHIP AGREEMENT WITHIOOF
Westpac has today agreed with IOOF to conclude its ten-year shared Master Relationship Agreement (MRA*) from Thursday 17 December 2020.
The decision reflects the Westpac’s strategy to simplify its business and exit complex arrangements.
Westpac and IOOF have worked collaboratively to reach the agreement while supporting IOOF advisers and clients to transition to the market leading BT Panorama platform. This follows Westpac’s first successful client migration from BT Wrap to Panorama earlier this month.
To avoid complex, costly and time-consuming separation provisions, as set out in the MRA, Westpac will pay IOOF a one-off amount of $80 million.
As the agreement will see BT continue to provide platform and related services to clients and advisers including those with a relationship with IOOF, the one-off amount will be partially offset by other net platform revenues.
For further information:
| Lisa Parrett | Andrew Bowden |
|---|---|
| Media Relations | Investor Relations |
| M. 0432 933 796 | M. 0438 284 863 |
ENDS
* The MRA governed the promotion of BT platform products and the manner in which communications could be made with IOOF advisers among other aspects of the relationship between IOOF’s adviser network and the BT platform product issuers.
This document has been authorised for release by Tim Hartin, General Manager & Company Secretary
