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The proposed A$420 million ($264.77 million) sale to Kina Securities Limited ASX: KSL was blocked by Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) in 2021. Westpac’s divestment plans hit a snag as a result, leading to concerns over increasing operational costs and risks if the divestment were to falter.
Despite the obstacles, Anthony Miller, CEO of Westpac’s business and wealth division, unveiled a new brand campaign aiming to elevate the bank’s local standing. Westpac is optimistic about seeing growth and post-COVID recovery and is contemplating operational investments.
In light of these developments, Westpac will retain its branches in Fiji and Papua New Guinea. The bank plans to support local businesses, enhance digital services, and continue community programs in these regions.
With an ‘add’ rating from Morgans, the bank has a projected $22.58 price target and a $1.47 fully franked dividend in FY 2024. This offers investors a 7% yield and a 15% total return.
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