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.
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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.
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