Westpac To Retreat From Asia To Focus On Australia, New Zealand

Westpac said the changes announced on Wednesday will not affect its cash earnings and will help improve capital efficiency, including by reducing its risk-weighted assets by over A$5 billion ($3.6 billion).

The move comes at a time when the bank has been hit by steep costs from a money laundering scandal and a surge in charges for bad loan provisions due to the coronavirus outbreak, prompting a review of its underperforming wealth, pension investments and insurance units earlier this year.