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Westpac exiting mortgage business in Singapore

Westpac Banking Corp. has decided to exit the mortgage business in Singapore, Finews.com reported May 22.

The bank will unwind its investment property loan book in Singapore, as well as Hong Kong, after taking into account commercial and strategic factors. The loans relate to properties in Australia and New Zealand, the outlet reported, citing a Business Times report. Westpac notified 300 customers about its decision, giving them six months to either repay or refinance the loans.

Westpac's Singapore office houses the bank's Asia headquarters.