Stock market today: S&P 500 ends lower, but tech bounce on dip-buying stems losses
Westpac Banking Corporation (ASX:WBC) announced Monday that it has agreed to sell its $21.4 billion RAMS mortgage portfolio to a consortium comprising Pepper Money Limited, KKR, and PIMCO. The agreement covers the entire RAMS-branded mortgage portfolio.
According to a press release statement, the sale will be completed at a slight premium to the gross loan value of the portfolio to be transferred at completion. Westpac expects to record a loss on the sale after accounting for transaction costs and other adjustments.
Following the completion of the transaction, Westpac estimates its common equity Tier 1 capital ratio will increase by approximately 20 basis points.
The completion of the sale is subject to various conditions and regulatory approvals. Westpac expects the transaction to close in the second half of 2026.
This information is based on a statement provided in a recent SEC filing.
In other recent news, KKR & Co. reported a strong performance for the second quarter of 2025, achieving record fee-related earnings of $0.98 per share and total operating earnings of $1.33 per share. The company experienced a significant increase in management fees and continued to expand its wealth management platform. These developments highlight KKR & Co.’s robust financial health and strategic growth in the wealth management sector. Despite the impressive earnings, the stock saw a slight decline, which is not uncommon following earnings announcements. The firm’s solid results underscore its ability to generate substantial revenue through its fee-related activities. These recent developments provide investors with valuable insights into KKR & Co.’s financial trajectory and operational strategies.
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