March 18, 2019 / 10:58 PM / 3 months ago

Australia's Westpac exits personal advice, shakes up BT Financial in cost-cut bid

March 19 (Reuters) - Australia’s Westpac Banking Corp said on Tuesday it was exiting the provision of personal financial advice through a sale agreement with Viridian Advisory, in a bid to cut costs and simplify its structure.

The exit will include the realignment of Westpac’s BT Financial Group businesses into its consumer and business divisions, the lender said in a statement. It did not provide a deal value for the agreement.

The changes are expected to be earnings per share-positive in 2020, Westpac added. (Reporting by Ambar Warrick in Bengaluru; Editing by Richard Chang)

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