Westpac selling BT stake

Westpac is planning to sell, through a share offer, part of its stake in BT Investment Management. Currently it owns 59% of the firm and this will fall to between 31 and 40%, it says in a stock exchange announcement.

The sale is expected to raise between A$600 million and A$700 million.

Westpac Group CFO, Peter King says the deal "allows the Group to realise a part of the investment in BTIM, increasing our capital ratios, while still maintaining a significant interest in BTIM."

“The strength and importance of the relationship remains unchanged. Wealth remains a strategically important focus for the Westpac Group and our continued investment in BTIM sees us maintain a stake in asset management which is a key factor in having a strong and diversified wealth business.”