Australia’s second-largest bank, Westpac, said today it would exit operations in China and other Asian markets after a global business review, with the bank saying it wanted to focus on its core domestic and New Zealand customers.
Reuters reported today that Westpac is withdrawing from operations in China and other Asian markets, while the bank said it wants to focus on its core domestic and New Zealand customers.
Westpac Australia said it would consolidate its operations into its Singapore, London and New York branches and exit its Beijing, Shanghai, Hong Kong, Mumbai and Jakarta operations. Westpac said the changes will help improve its capital efficiency, including reducing risk-weighted assets by more than A$5 billion ($3.6 billion).
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