Owners of Westpac Banking Corp (ASX: WBC) shares might want to keep their eyes peeled after reports the sale of the bank’s superannuation business is about to go public.
Rumours the sale of BT Super – which reportedly manages $45.4 billion – is about to go public hit headlines yesterday afternoon.
In early trade on Wednesday, the Westpac share price is climbing, up 2.17% to $24.05.
Let’s look at the news that has put the bank in the headlines this week.
Has Westpac sold its super leg?
Westpac shares could be in the spotlight amid reports Mercer is gearing up to announce its acquisition of the bank’s superannuation platform.
The corporate super fund was tipped as the business’ buyer by The Australian yesterday afternoon.
The purchase will reportedly see Mercer pushing customers from Westpac’s platform to its own, therefore doubling its size in corporate and retail super.
Mercer is also said to be acquiring Westpac’s Advance Asset Management business.
Westpac continues to work towards offloading its BT Panorama wealth management platform, of which BT super is a part.
The Australian claims that Commonwealth Bank of Australia (ASX: CBA)’s partly owned Colonial First State is in the lead to win the platform.
Previously, AMP Ltd (ASX: AMP) was rumoured to be involved in acquisition talks for the platform.
Offers for BT Panorama have been around $1 billion, according to the publication.
Westpac share price snapshot
The Westpac share price is outperforming all of its ASX 200 big four peers so far this year.
It has gained 12.6% year to date.
The S&P/ASX 200 Index (ASX: XJO) has slipped 3.6% in that time. Meanwhile, the next best performing big four bank – National Australia Bank Ltd (ASX: NAB) – has recorded a 9.78% gain.
Though, the Westpac share price has fallen around 8.5% since this time last year.
Only Australia and New Zealand Banking Group Ltd (ASX: ANZ) has recorded a worse slip. It has tumbled 9.3% over the last 12 months.
The post Own Westpac shares? Here’s why the bank’s $45b super business is hitting headlines 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 has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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