Australia's Westpac to retain NZ business, drops demerger plan

Australia's Westpac to retain NZ business, drops demerger plan

FILE PHOTO: Pedestrians hold umbrellas as they walk past a branch of the Westpac Banking Corp in central Sydney, Australia, March 30, 2017. REUTERS/David Gray/File Photo

Australian lender Westpac Banking Corp said on Thursday it would retain full ownership of its New Zealand business after a review found that a demerger would not be in the best interests of its shareholders.