6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

March 18, 2021

Commission File Number 1-10167

WESTPAC BANKING CORPORATION

(Translation of registrant’s name into English)

275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F         x  Form 40-F        ¨ 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Index to Exhibits

Exhibit No.	Description
1	ASX Release – Westpac sells Lenders Mortgage Insurance business to Arch Capital and enters 10-year supply agreement

SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

		WESTPAC BANKING CORPORATION
		(Registrant)
Date:	March 18, 2021	By:	/s/ Yvette Adiguzel
			Yvette Adiguzel
			Tier One Attorney

EX-1

Exhibit 1

 

ASX Release 18 MARCH 2021Level 18, 275 Kent Street Sydney, NSW, 2000WESTPAC SELLS LENDERS MORTGAGE INSURANCE BUSINESS TO ARCH CAPITAL AND ENTERS 10 YEAR SUPPLY AGREEMENTWestpac Group today announced it will sell Westpac Lenders Mortgage Insurance Limited (WLMI) to Arch Capital Group (Arch) and enter into a 10-year exclusive supply agreement for Arch to provide Lenders Mortgage Insurance (LMI) to the Group.The sale price will be at book value1 which will be determined at completion. The transaction also includes small, fixed annual payments to Westpac over the next 10 years.Westpac will record a loss on sale in FY21 from separation and transaction costs along with the $84 million write down in goodwill that was announced with our 1Q21 Update on 17 February 2021.The transaction is expected to add approximately 7bps to Westpac’s Common Equity Tier 1 capital ratio.2The new supply agreement builds on the Group’s existing relationship with Arch which has provided reinsurance services to WLMI since 2011.“Westpac is pleased to be entering into a long-term partnership with Arch as LMI is an important product that helps the Group make home ownership more accessible for more Australians,” said Westpac Group Chief Executive Specialist Businesses & Group Strategy, Jason Yetton.“The sale continues the simplification of our business and builds on our progress in becoming a simpler, stronger bank focussed on consumer, business and institutional banking.”Westpac will retain responsibility for certain legacy matters and provide protection to Arch through a combination of customary warranties and indemnities.Completion of the transaction is subject to various regulatory approvals and is expected to occur by the end of August 2021.¹ Transaction proceeds will be determined on the basis of the book value at completion, which is expected to occur in 2H21. 2 On a proforma 31 December 2020 basis.

 

For further information:Lisa Parrett Andrew Bowden Media Relations Investor Relations M. 0432 933 796 M. 0438 284 863 P. +612 8253 4008ENDSAbout Westpac Lenders Mortgage InsuranceWLMI provides LMI to Westpac Group for residential mortgages which is the sole product provided by WLMI.About Arch Capital Group Ltd.Arch Capital Group Ltd., a publicly listed Bermuda exempted company with approximately $15.8 billion in capital at Dec. 31, 2020, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.This document has been authorised for release by Tim Hartin, General Manager & Company Secretary.