At times like this, it is not uncommon for businesses to consider strategic restructuring. This has been the case for Westpac, who are considering redirecting their attention and resources to their core products. Group CEO Peter King has stated that Westpac is also committed to the Paris Agreement and is looking to reduce carbon emissions.
"Westpac is open to selling its general and life insurance businesses as the lender looks to put in more resources to rebuild its core banking operations.
The banking group revealed the possible divestment plan today in its half-year financial results, which show cash earnings tanking by 70% from a year earlier to $993 million and statutory net profit slumping 62% to $1.19 billion.
Westpac blames the poor results on the fallout from the virus pandemic disruption and impairment charges for a money laundering scandal.
Group CEO Peter King says the insurance units and other non-core operations such as superannuation will be moved to a new Specialist Businesses division with a strategic review of their future to follow in coming months." Click here to read more
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