Westpac Banking Corp 6-K, filed Feb 28, 2022
Westpac Banking Corp (WEBNF)
About this 6-K
Westpac Banking Corp filed this 6-K on February 28, 2022.
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
February 28, 2022
Commission File 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 completes sale of New Zealand life insurance business |
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 BANKING CORPORATION | ||
| (Registrant) | ||
| Date: February 28, 2022 | By: | /s/ Yvette Adiguzel |
| Yvette Adiguzel | ||
| Tier One Attorney | ||
Exhibit 1
ASX |
Level
18, 275 Kent Street Sydney, NSW, 2000 |
Release |
28 February 2022
WESTPAC COMPLETES SALE OF NEW ZEALAND LIFE INSURANCE BUSINESS
Westpac today announced that it has completed the sale of Westpac Life-NZ- Limited to Fidelity Life Assurance Company Limited (Fidelity Life) for NZ$400 million (approximately A$382 million1). The transaction was first announced on 6 July 2021 and the terms of the sale remain unchanged.
Westpac expects to report a post-tax gain on sale of NZ$98 million (approximately A$93 million1), subject to the finalisation of completion adjustments and separation costs. The gain on sale will be included in Westpac’s First Half 2022 results. The sale adds approximately 8 basis points to Westpac’s common equity tier 1 capital ratio2.
In addition, Westpac New Zealand will receive ongoing payments under a 15-year distribution agreement3.
Westpac New Zealand Chief Executive Catherine McGrath said “this transaction is a further step in the simplification of our business. The sale of the New Zealand life insurance business to Fidelity Life ensures that our customers will be well supported by a local specialist.”
For further information:
| Will Hine | Neil Wesley |
| External Relations | Investor Relations |
| M. +64 21 433 715 | M. 0481 461 498 |
ENDS
This document has been authorised for release by Tim Hartin, Company Secretary.
| 1 | Translated using a NZD/AUD exchange rate of 0.954. The sale price excludes ongoing payments. |
| 2 | On a pro forma 31 December 2021 basis for Level 2. |
| 3 | Following the sale, Westpac Life-NZ- Limited will be renamed Fidelity Insurance Limited and will enter into a 15-year life insurance distribution arrangement with Westpac New Zealand. |
