Westpac (ASX:WBC) share price slumps amid reports of sale delays

The Westpac share price is bringing up the rear of the big banks today. Could this be why?
The post Westpac (ASX:WBC) share price slumps amid reports of sale delays appeared first on The Motley Fool Australia. –

The Westpac Banking Corp (ASX: WBC) share price is slipping amid reports the bank has delayed the potential sale of its wealth management business.

BT Panorama, a wealth management platform, is said to be the next business segment on Westpac’s chopping block. It’s reported to be in focus after the bank sold its life insurance business last month. However, its sale has reportedly been delayed following a technical glitch.

Right now, the Westpac share price is $25.78, 0.92% lower than its previous close.

That sets it up as the worst-performing of the four big banks today. The share price of the Commonwealth Bank of Australia is only just ahead of that of Westpac, having slipped 0.82%.

Meantime, those of the National Australia Bank Ltd (ASX: NAB) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) have fallen just 0.09% and 0.05% respectively.  

Let’s take a closer look at today’s news of Westpac.

Is this why the Westpac share price is slipping?

The Westpac share price is bringing up the rear of its big bank peers amid reports it’s delayed the sale of its wealth management platform.

According to last month’s reporting by the Australian Financial Review, BT Panorama recently experienced technical difficulties. The publication noted Westpac had said the glitch wouldn’t affect the timeline of its sale.

However, The Australian today reported the sale will be delayed until 2022 due to the troubles.

Neither Westpac nor BT Panorama has commented on the reported difficulties or the sale and its reported delay.

Westpac didn’t respond to The Motley Fool Australia’s request for comment in time for publication.

However, market watchers interested in the Westpac share price might want to keep an eye out for official news of the sale.

According to The Australian, Westpac will be looking to sell BT Panorama separately from the platform’s superannuation business. The platform is said to be worth around $1 billion.

The newspaper reported Macquarie Group Ltd (ASX: MQG) and IOOF Holdings Limited (ASX: IFL) might be among the potential buyers.

The post Westpac (ASX:WBC) share price slumps amid reports of sale delays appeared first on The Motley Fool Australia.

Should you invest $1,000 in Westpac Banking Corp right now?

Before you consider Westpac Banking Corp, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Westpac Banking Corp wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

ASX 200 bank shares fall as AUSTRAC says risk of criminal activity is ‘high’

Will ASX 200 shares be rocked by RBA taper talk tomorrow?

Analysts name 2 ASX 200 dividend shares to buy

Top brokers says Westpac (ASX:WBC) share price is a buy
Two exciting international shares to consider as superfunds hit record global investments

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!