Westpac starts sale process for wealth unit – Bloomberg

Westpac Banking Corp. is said to have started soliciting bids for wealth management unit BT Panorama, Bloomberg News reported March 8, citing people familiar with the matter.

The Australian lender is said to be accepting indicative offers until the end of April for a potential deal that could fetch as much as A$1.5 billion.

The sale of the Panorama wealth platform is part of Westpac Banking's plan to let go of several assets, including life insurance, pension and auto finance.

A representative from the bank's BT Financial Group Pty. Ltd. unit declined to comment, according to the news agency.