SYDNEY, July 24 (Reuters) - Westpac Banking Corp (WBC) on Monday said it has entered exclusive talks with Charter Hall Group (CHC) for the sale of its Hastings Funds Management unit.
Westpac did not specify a potential price for the sale. Westpac tried to sell the unit last year but withdrew from sale talks, citing market conditions. Analysts had expected Hastings to be sold for between A$300 million ($237.21 million) and A$500 million, a figure that is expected to be exceeded should talks with Charter Hall prove successful.
The potential deal comes as Australian banks are selling down capital intensive or low-returning assets.
Hastings Fund Management specialises in the acquisition and management of infrastructure, property, alternative debt and private equity. ($1 = 1.2647 Australian dollars)
News: Westpac in talks with Charter Hall for Hastings sale
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