Business Services Industry
Westpac won't let go over BT.
Australasian Business Intelligence, January, 2006
Jan 18, 2006 (The Australian - ABIX via COMTEX) -- Australian bank, Westpac, is pursuing claims against the former owner of its fund management arm. Westpac bought BT Financial Group from Principal Financial Group for $A900 million in August 2002. In December 2004, Westpac filed $A50 million in claims
just before the warranty claim deadline. Westpac alleges that the value of some Australian and New Zealand funds was
overstated by BT. Westpac is still discussing the issue with Principal, but the latter is defending itself against the claims.
Publication Date: 19 January 2006
WESTPAC BANKING CORPORATION - ASX WBC:
BT FINANCIAL GROUP PTY LTD:
PRINCIPAL FINANCIAL GROUP...
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