|Bid||18.40 x 800|
|Ask||20.04 x 900|
|Day's Range||18.99 - 19.17|
|52 Week Range||12.28 - 20.82|
|Beta (5Y Monthly)||0.74|
|PE Ratio (TTM)||21.42|
|Forward Dividend & Yield||0.90 (4.73%)|
|Ex-Dividend Date||May 12, 2021|
|1y Target Est||24.34|
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The country's early control of the pandemic last year drove property prices and credit growth higher, allowing the "big four" banks to return excess cash. Westpac has also sold assets to cut costs and focus on core operations. Westpac said it would provide an update on its plans to return capital with its full-year results, and separately announced it would offer notes between Aug. 25 and Sept. 9.
Companies including Macquarie Group, insurer Suncorp Group Ltd and wealth manager AMP Ltd have cut their exposure to insurance in the last five years. "This transaction is another step in simplifying the bank," said Jason Yetton, chief executive officer of Westpac's specialist businesses and group strategy. For Dai-ichi, the deal provides another avenue to boost its overseas business as Japan grapples with a declining population.
Westpac Banking Corp said on Monday it will sell its auto finance business to U.S. private equity firm Cerberus Capital Management for an undisclosed amount. Australia's second-largest lender has been offloading assets over the past year to focus on its core banking operations after a series of scandals ramped up regulatory scrutiny. It marks the second sale of one of its businesses to Cerberus, which in August last year bought Westpac's vendor finance business.