SYDNEY, May 24 (Reuters) - Australia’s No 2 bank, Westpac Banking Corp, on Wednesday said it planned to exit its investment in funds manager BT Investment Management (BTIM) as its stake in the listed company was no longer viewed as a core asset.
Westpac said it was offering a 19 percent stake in BTIM for sale to institutional investors through broker Macquarie Capital at a price that valued the holding at up to A$645 million ($480.85 million).
Subject to favourable market conditions, Westpac plans to exit its remaining 10 percent holding in BTIM in the future, the bank said. Westpac added that the stake would be placed in escrow until the release of BTIM’s 2018 first-half results, expected next May. ($1 = 1.3414 Australian dollars) (Reporting by Jamie Freed)