Colonial First State leads race for Westpac's wealth business – AFR

Colonial First State Investments Ltd. is in the lead for the potential acquisition of Westpac Banking Corp.'s wealth business, including BT Panorama, The Australian Financial Review's Street Talk blog reported May 19, citing sources.

Colonial First State is eyeing to have a deal negotiated and signed within weeks after remaining actively engaged in exclusive talks with the bank. Other bidders were told the auction for the wealth business was delayed for two to four weeks.

A Westpac spokesman declined to comment on the matter, the publication reported.

KKR & Co. Inc. owns a 55% stake in Colonial First State, while Commonwealth Bank of Australia holds the remaining 45% stake.