Form 6-K WESTPAC BANKING CORP For: Jul 06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
July 6, 2021
Commission File Number 1-10167
WESTPAC BANKING CORPORATION
(Translation of registrant’s name into English)
275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): __________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___________
Incorporation by Reference
The information contained in this Report on Form 6-K, excluding the information set forth in Exhibit No. 1, shall be incorporated by reference in the prospectuses relating to the Registrant’s securities contained in the Registrant’s Registration Statements on Form F-3 (File Nos. 333-228295 and 333-228294), as such prospectuses may be amended or supplemented from time to time.
Westpac sells New Zealand life insurance business to Fidelity Life
On July 6, 2021, Westpac announced it has agreed with Fidelity Life Assurance Company Limited to sell Westpac Life-NZ- Limited.
The sale price of NZ$400m (approximately A$373m1) is expected to result in a post-tax gain on sale and add approximately 7 basis points to Westpac Group’s common equity tier 1 capital ratio.
Westpac Life-NZ- Limited is part of Westpac’s New Zealand operations. At 31 March 2021, the business had annual inforce premiums of NZ$149 million (A$139m1). Completion of the transaction is subject to various approvals and is expected to occur by the end of 2021.
Index to Exhibits
Exhibit No. |
Description | |
1 | ASX Release – Westpac sells New Zealand life insurance business to Fidelity Life and enters 15-year distribution agreement |
Disclosure regarding forward-looking statements
The information contained in this Report on Form 6-K contains statements that constitute “forward-looking statements” within the meaning of section 21E of the U.S. Securities Exchange Act of 1934. Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this Report and include statements regarding our intent, belief or current expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition.
1 | Translated using a year-to-date average NZD/AUD exchange rate. |
We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘risk’, ‘aim’ or other similar words to identify forward-looking statements. These forward-looking statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with our expectations or that the effect of future developments on us will be those anticipated. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from the expectations described in this Report. Factors that may impact on the forward-looking statements made include, but are not limited to, those described in the section entitled ‘Risk factors’ in Westpac’s 2021 Interim Financial Results on Form 6-K filed with the U.S. Securities and Exchange Commission, as well as the ongoing impact of COVID-19. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation, and do not intend, to update any forward-looking statements contained in this Report, whether as a result of new information, future events or otherwise, after the date of this Report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
WESTPAC BANKING CORPORATION | |||
(Registrant) | |||
Date: | July 6, 2021 | By: | /s/ Yvette Adiguzel |
Yvette Adiguzel | |||
Tier One Attorney |
Exhibit 1
ASX Release | Level 18, 275 Kent Street Sydney, NSW, 2000 |
6 JULY 2021
WESTPAC SELLS NEW ZEALAND LIFE INSURANCE BUSINESS TO FIDELITY LIFE
AND ENTERS 15-YEAR DISTRIBUTION AGREEMENT
Westpac today announced it has agreed with Fidelity Life Assurance Company Limited to sell Westpac Life- NZ- Limited and enter into an exclusive 15-year agreement for the distribution of life insurance products to Westpac’s New Zealand customers.
The sale price of NZ$400m (approximately A$373m1) is expected to result in a post-tax gain on sale and add approximately 7bps to Westpac Group’s common equity tier 1 capital ratio. The transaction will also include ongoing payments from the distribution agreement to Westpac New Zealand Limited2.
Fidelity Life Assurance Company Limited is New Zealand’s largest locally owned life insurer, backed by cornerstone investor the NZ Super Fund.
Westpac Chief Executive Officer, Peter King, said the sale was a further milestone in building a simpler bank. “This transaction is the latest step in simplifying our business while continuing to help customers with their life insurance needs.
“Life insurance products are important for many New Zealanders and we are pleased to be entering a long-term partnership with a life insurance specialist to continue to help our customers protect themselves and their loved ones,” Mr King said.
Westpac Life- NZ- Limited is part of Westpac’s New Zealand operations. At 31 March 2021, the business had annual inforce premiums of NZ$149 million (A$139m1). Completion of the transaction is subject to various approvals and is expected to occur by the end of 2021.
For further information:
Sharon Rockell | Andrew Bowden |
Media Relations | Investor Relations |
M. 0420 598 994 | M. 0438 284 863 |
P. +612 8253 4008 |
This document has been authorised for release by Tim Hartin, General Manager & Company Secretary.
1 | Translated using a year-to-date average NZD/AUD exchange rate. |
2 | The sale price excludes ongoing payments. |
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