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Westpac Banking ( (AU:WBC) ) has provided an update.
Westpac Banking Corporation, a major financial institution, has announced the sale of its $21.4 billion RAMS mortgage portfolio to a consortium including Pepper Money Limited, KKR, and PIMCO. The transaction, which is expected to result in a loss after transaction costs, will enhance Westpac’s capital ratio and streamline its operations following the closure of RAMS to new business. This move is aimed at reducing costs and providing strategic flexibility, while ensuring RAMS customers continue to manage their loans without disruption.
The most recent analyst rating on (AU:WBC) stock is a Sell with a A$32.20 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
More about Westpac Banking
YTD Price Performance: 22.80%
Average Trading Volume: 4,610,563
Technical Sentiment Signal: Buy
Current Market Cap: A$132.3B
Learn more about WBC stock on TipRanks’ Stock Analysis page.