Westpac reduces stake in BTIM

The bank has offloaded another 19% of its holding in BT Investment Management.

Two years after reducing its stake in BT Investment Management (BTIM), Westpac has sold another 19% of the company to a number of institutions at $10.75 per share. Westpac plans to sell its remaining 10% stake in due course but not before May 2018 at the earliest.

While BTIM will remain a strategic provider of asset management services to Westpac, with Westpac's BT Financial Group division focusing on wealth solutions, the bank believes it no longer needs to hold a stake in BTIM.

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