Westpac Banking Corp 6-K, filed Jul 1, 2021

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

July 1, 2021

Commission FileNumber 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): ¨

Incorporation by Reference

The information contained in this Report on Form 6-K, excluding the information set forth in Exhibit No. 1, shall be incorporated by reference in the prospectuses relating to the Registrant’s securities contained in the Registrant’s Registration Statements on Form F-3 (File Nos. 333-228295 and 333-228294), as such prospectuses may be amended or supplemented from time to time.

Westpac completes sale of General Insurance business to Allianz

Following the announcement on December 2, 2020, of the intention to sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz, on July 1, 2021, Westpac Group announced it has completed the sale for $725m.

A further payment of $25m is expected to be received by Westpac this calendar year subject to integration milestones, with contingent payments over the next five years.^1^

Westpac expects to report a gain on sale of approximately $61m, subject to the finalisation of completion adjustments and separation costs. The sale has added approximately 12 basis points to Westpac’s common equity Tier 1 capital ratio.^2^

Index to Exhibits

^1^ Contingent payments not included in the sale price or gains on sale in financial year 2021.

^2^ On a pro forma 31 March 2021 basis.

Disclosure regarding forward-looking statements

The information contained in this Report on Form 6-K contains statements that constitute “forward-looking statements” within the meaning of section 21E of the U.S. Securities Exchange Act of 1934. Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this Report and include statements regarding our intent, belief or current expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition.

We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘risk’, ‘aim’ or other similar words to identify forward-looking statements. These forward-looking statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with our expectations or that the effect of future developments on us will be those anticipated. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from the expectations described in this Report. Factors that may impact on the forward-looking statements made include, but are not limited to, those described in the section entitled ‘Risk factors’ in Westpac’s 2021 Interim Financial Results on Form 6-K filed with the U.S. Securities and Exchange Commission, as well as the ongoing impact of COVID-19. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation, and do not intend, to update any forward-looking statements contained in this Report, whether as a result of new information, future events or otherwise, after the date of this Report.

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.

Exhibit 1

Release

1 July 2021

WESTPAC COMPLETES SALE OF GENERAL INSURANCE BUSINESS TOALLIANZ

Following the announcement on 2 December 2020 of its intention to sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz, Westpac Group today announced it has completed the sale for $725m and entered into an exclusive 20-year agreement for the distribution of general insurance products to Westpac’s customers.

A further payment of $25m is expected to be received by Westpac this calendar year subject to integration milestones, with contingent payments over the next five years in addition to ongoing payments under the distribution agreement.^1^

Westpac expects to report a gain on sale of approximately $61m, subject to the finalisation of completion adjustments and separation costs, that will be included in Westpac’s Full Year 2021 results and classified as a ‘notable item’. The sale has added approximately 12 basis points to Westpac’s common equity Tier 1 capital ratio.^2^

Westpac Group Chief Executive Specialist Businesses & Group Strategy, Jason Yetton said “we have successfully executed a transition that helps our customers protect the things they value through a long-term partnership with a global insurance expert and helps us become a simpler bank.”

This document has been authorised for release by Tim Hartin, General Manager & Company Secretary.