hsbc-buys-westpacs-australian-subcustody-book

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 said it was approached by HSBC to sell the business and ôafter a strategic review, decided to pursue the option.ö

The bankÆs chief executive officer, David Morgan, says Westpac no longer holds a sustainable comparative...
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