December 20, 2017 / 7:24 AM / a year ago

Australia's Westpac to sell Hastings' UK, U.S. business to Northill

FILE PHOTO: Pedestrians hold umbrellas as they walk past a branch of the Westpac Banking Corp in central Sydney, Australia, March 30, 2017. REUTERS/David Gray/File Photo

(Reuters) - Westpac Banking Corp (WBC.AX) said on Wednesday its unit, Hastings Management Pty, will sell its international businesses managed out of the United Kingdom and United States to London-based asset manager Northill Capital.

Westpac said last month it would sell Hastings’ fund management business to Northill without divulging the terms of the deal, in a move by a big Australian bank to offload a capital intensive division amid stiffer bank capital rules.

Reporting by Susan Mathew in Bengaluru; Editing by Biju Dwarakanath

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