Westpac confirms it is retaining Westpac New Zealand Ltd

ASX
Release


24 June 2021
Westpac confirms it is retaining Westpac New Zealand
Limited
Westpac Group has today announced it is retaining its one hundred per cent ownership of
Westpac New Zealand Limited (WNZL) and will not proceed with a demerger of its Westpac
New Zealand business.
Westpac Group Chief Executive Officer, Peter King, said: “After a detailed review, we believe
a demerger of the WNZL business would not be in the best interests of shareholders.
“Our review identified opportunities to improve service for customers and value across the
WNZL business and we will progress these with the WNZL Board and management team.
“WNZL is a strong business that has been serving New Zealand for 160 years. We remain
committed to delivering for customers and fulfilling our purpose of helping Australians and
New Zealanders succeed,” Mr King said.
The WNZL Board’s priority is to finalise the appointment of a new CEO to replace David
McLean who retires on 25 June 2021. Simon Power, General Manager Institutional and
Business Banking, will act as CEO from 25 June 2021.
Ends.
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