In an announcement posted this morning on the ASX, Westpac said it has entered into "exclusive discussions" with Charter Hall regarding the bank's proposed sale of Hastings.
Hastings has operated for more than 22 years and is headquartered in Australia, with offices in "Melbourne, Sydney, New York and Asia", according to Westpac.
The company currently has funds under management of approximately $14.3 billion managed by around 100 staff.
The ASX announcement said Charter Hall Group "believes the proposed sale provides an attractive expansion opportunity for Charter Hall across retail assets funds management".
"Any binding arrangements in relation to the proposed sale and purchase remain subject to completion of due diligence, regulatory and board approvals," said the Westpac statement.
"A further update will be provided following the outcome of negotiations between the two parties."
The news comes after APRA announced last week it would increase the core equity tier 1 (CET1) capital ratios for the 'big four' Australia banks to 10.5 per cent.
