Record property investor surge pumps speculative bubble afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
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.
1
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.
Photo credit: Irene Dowdy, ID Photo
About Alice
Alice brings more than thirty-eight years experience in senior banking and multicultural community relations. She held a number of senior positions in banking, including Head of Asian Leadership at the Westpac Group, Head of International Customer Services at the Bank of Melbourne, and Head of Asia and Migrant Markets at Westpac.
Alice is Chair of the Chinese Studies Research Centre Advisory Board at La Trobe University. She is a Board Member of the Asia Society Australia, and Patron of the Chinese Cancer and Chronic Illness Society of Victoria. She is a member of the La Trobe Business School Advisory Board and also a Special Advisor to the Bangarra Group Board. She was formerly a member of the Prime Minister’s Reference Group for the National Asian Languages and Studies in Schools Program and a member of the Asia Century Advisory Committee of the Institute of Public Administration Australia.
NSW lockdowns: government and big four bank support for small businesses mozo.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mozo.com.au Daily Mail and Mail on Sunday newspapers.