HSBC buys WestpacÆs Australian sub-custody book
The deal makes HSBC the second largest domestic custodian in the market.
After 60 years in the custody business, Westpac has sold its domestic book to HSBC for A$150 million $113 million, making HSBC the second largest sub-custodian in the market behind National Australia Bank.
At the end of 2005, Westpac had A$225.8 billion in assets under custody, of which about 40% were sourced locally and 60% from offshore. In the same period, HSBC reported a total of A$11 billion in assets.
In an announcement issued Wednesday July 26, Westpac...
To continue reading, please login or register for free