Westpac reviewing New Zealand business

ASX
Release


24 MARCH 2021

WESTPAC REVIEWING NEW ZEALAND BUSINESS

As part of Westpac’s fix, simplify and perform strategy we have been actively
considering the businesses we operate in. Westpac has already placed a number of
businesses into a Specialist Businesses Division, for ultimate exit. We have also
announced the consolidation of our international operations in Asia.

Westpac is also assessing the appropriate structure for its New Zealand business and
whether a demerger would be in the best interests of shareholders. Westpac is in the
very early stage of this assessment and no decisions have been made. This will also
consider the impact of the Reserve Bank of New Zealand’s (RBNZ) reviews which were
announced today.

Westpac NZ is a valuable part of the Westpac Group and has been for over 160 years.
The business continues to perform well with a strong position in retail and commercial
banking. However, given the changing capital requirements in New Zealand and the
RBNZ requirement to structurally separate Westpac’s NZ business operations from its
operations in Australia, it is now appropriate to assess the best structure for these
businesses going forward.

Westpac will provide further updates as required.




For further information:

David Lording Andrew Bowden
Group Head of Media Relations Head of Investor Relations
0419 683 411 0438 284 863


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

Level 18, 275 Kent Street
Sydney, NSW, 2000