Westpac to retreat from Asia to focus on Australia, New Zealand

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Australia's Westpac Banking Corp said on Wednesday it will exit operations in China and some other Asian markets to focus on its core domestic and New Zealand businesses, following a review of its international operations.

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Pedestrians walk past the ground floor of an office building with Westpac logo amidst the easing of the coronavirus disease restrictions in the Central Business District of Sydney, Australia, June 3, 2020. Picture taken June 3, 2020. REUTERS/Loren Elliott/Files

The country’s second-largest lender said it will exit operations in Beijing, Shanghai, Hong Kong, Mumbai and Jakarta and consolidate its international operations into branches in Singapore, London and New York. “Westpac’s priority is to focus on its core Australian and New Zealand customers and to support them in areas where we have scale and capability,” Westpac Institutional Bank’s acting Chief Executive Curt Zuber said in a statement.

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