The Westpac (ASX:WBC) share price has fallen 8% over the last 30 days
The Westpac (ASX:WBC) share price has fallen 8% over the last 30 days
It’s been a tough run on the ASX for Westpac. We take a closer look at what’s happened
Brooke is a Junior Financial Journalist at the Motley Fool Australia. Brooke s interests in finance and the share market evolved during her time at Charles Sturt University. There, she studied a Bachelor of Communication, majoring in journalism and sub-majoring in international relations. In her spare time, you ll find Brooke gallivanting around South East Queensland, no doubt with her dog in tow.
Westpac
Following the announcement on 2 December 2020 of its intention to sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz, Westpac Group today announced it has completed the sale for $725m and entered into an exclusive 20-year agreement for the distribution of general insurance products to Westpac’s customers.
A further payment of $25m is expected to be received by Westpac this calendar year subject to integration milestones, with contingent payments over the next five years in addition to ongoing payments under the distribution agreement.
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Westpac expects to report a gain on sale of approximately $61m, subject to the finalisation of completion adjustments and separation costs, that will be included in Westpac’s Full Year 2021 results and classified as a ‘notable item’. The sale has added approximately 12 basis points to Westpac’s common equity Tier 1 capital ratio.