WA this week 10 years ago - Westpac sells Challenge in Vic

BIG four banker Westpac consolidated its Victorian interests by selling the Victorian operations of its Challenge Bank subsidiary to the Bank of Melbourne this week 10 years ago. Westpac managing director Bob Joss said the sale was part of the company’s strategic objective of concentrating on Challenge’s regional strength in WA. The Bank of Melbourne confirmed it had agreed to pay Westpac net asset value for its Victorian assets and liabilities, plus a goodwill payment of $69 million and estimated the total purchase price to be in the order of $800 million.

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