Westpac Pacific sale to Kina Bank to no longer proceed

ASX
Release

22 September 2021

WESTPAC PACIFIC SALE TO KINA BANK TO NO LONGER PROCEED

Westpac today announced it and Kina Securities Limited (ASX:KSL) have agreed to
terminate the agreements for the sale of Westpac’s Pacific businesses – Westpac Fiji
and Westpac's 89.91% stake in Westpac Bank PNG Limited.

Completion of the sale was subject to various regulatory approvals and the termination
follows last week’s decision by Papua New Guinea's Independent Consumer and
Competition Commission (ICCC) to deny authorisation for the proposed acquisition.

Westpac first announced the proposed sale on 7 December 2020 and recognised a loss
on sale of $121m at the First Half 2021 results. That loss included the write-down of
certain assets, transaction costs and provisioning for estimated costs of separation.
Some of these items may now need to be written back and we expect to provide further
detail ahead of our Full Year 2021 results announcement due on 1 November 2021.

Westpac will continue to operate these businesses and support its Pacific customers
while assessing other exit options in line with its focus on banking in Australia and New
Zealand.



For further information:

Lisa Parrett Andrew Bowden
Media Relations Investor Relations
M. 0432 933 796 M. 0438 284 863
P. +612 8253 4008


This document has been authorised for release by Tim Hartin, General Manager & Company
Secretary.
Level 18, 275 Kent Street
Sydney, NSW, 2000