Australia's Westpac to exit operations in China

[BENGALURU] Australia's Westpac Banking Corp on Wednesday said it will exit operations in China along with other markets in Asia after a review of its international businesses, as it seeks to focus on its core domestic and New Zealand customers.

The country's second-largest lender said it will consolidate its operations into branches in Singapore, London and New York, and exit operations in Beijing, Shanghai, Hong Kong, Mumbai and Jakarta.

Westpac said the changes will help improve its capital efficiency, including by reducing its risk-weighted assets by over A$5 billion (S$4.87 billion).

REUTERS