The bank confirmed the news in a statement released on Thursday.
“After a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders,” Westpac chief executive, Peter King, said.
“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.”
Moving forward, the WNZL board’s priority is to secure a replacement for outgoing CEO David McLean who retires this week.
General manager institutional and business banking Simon Power will serve as acting CEO from Friday.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
