SYDNEY May 24 Australia's No 2 bank, Westpac
Banking Corp, on Wednesday said it planned to exit its
investment in funds manager BT Investment Management (BTIM)
as its stake in the listed company was no longer viewed
as a core asset.
Westpac said it was offering a 19 percent stake in BTIM for
sale to institutional investors through broker Macquarie Capital
at a price that valued the holding at up to A$645 million
Subject to favourable market conditions, Westpac plans to
exit its remaining 10 percent holding in BTIM in the future, the
bank said. Westpac added that the stake would be placed in
escrow until the release of BTIM's 2018 first-half results,
expected next May.
($1 = 1.3414 Australian dollars)
(Reporting by Jamie Freed)