Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 131

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 131
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                ​   Papua New Guinea   ​   Westpac Term Pie Fund                          ​   New Zealand     
Westpac Covered Bond Trust                  ​   Australia          ​   ​                                              ​   ​               
​

a.   The Group indirectly owns 19% of these entities, however, due to contractual and structural arrangements both these entities are considered to be controlled entities within the Group.
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The following controlled entities have been granted relief from compliance with the balance date synchronisation provisions in the Corporations Act 2001: 

●   Westpac Cash PIE Fund;
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●   Westpac Notice Saver PIE Fund; and
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●   Westpac Term PIE Fund.
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WESTPAC GROUP 2025 ANNUAL REPORT
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NOTES TO THE FINANCIAL STATEMENTS

Note 29.Investments in subsidiaries and associates (Continued)
Non-controlling interests
The following material controlled entities are not wholly owned:

                ​                   ​      ​     ​      ​  
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Percentage Owned                    2025         2024      
Westpac Bank - PNG - Limited             98.7%   ​    89.9%
Westpac NZ Covered Bond Limited          19.0%   ​    19.0%
Westpac NZ Securitisation Limited        19.0%   ​    19.0%
​
​
Details of the balance of NCIs are set out in Note 26. There are no NCIs that are material to Westpac.
Significant restrictions
There were no significant restrictions on the ability to transfer cash or other assets, pay dividends or other capital distributions, provide or repay loans and advances between the entities within Westpac. There were also no significant restrictions on Westpac’s ability to access or use the assets and settle the liabilities of Westpac resulting from protective rights of NCIs.
Associates
There are no associates that are material to Westpac.
Changes in ownership of subsidiaries or other businesses
Businesses acquisitions
During the year ended 30 September:
2025

●   Westpac Banking Corporation acquired 58,000 shares from a minority shareholder of Westpac Bank - PNG - Limited (WPNG) which will raise its controlling interest to 99.73%. As at the reporting date, the registration of the share transfer was pending. On behalf of the Parent Entity, the acquisition cost of PGK8 million was paid by WPNG to the minority shareholder, in lieu of the Parent