Westpac Banking Corp (ASX: WBC) shares are bucking the broader selling trade today, up 0.4% in early morning trade.
The S&P/ASX 200 Index (ASX: XJO) bank closed yesterday trading for $21.54 and is currently trading for $21.63 apiece.
That's the latest price action for you.
Now, what's all this about Westpac shares exiting money managing?
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What's happening with the bank's wealth management segment?
Westpac's wealth management arm, which includes its Panorama platform, was put on the auction block in an ongoing process to streamline the bank's business model. Final bids were due on or before 22 August.
It's not the first business segment that Westpac shares are spinning off.
In August 2021, Westpac divested its life insurance business to TAL for $900 million.
And in May this year, Westpac sold its superannuation operations to Mercer Australia.
As for its wealth management arm, as The Motley Fool reported on 30 August, media rumours had it that AMP Ltd (ASX: AMP) may have lobbed the winning bid, beating out a lesser offer from Colonial First State.
But that looks to have gone astray.
According to The Australian, citing unnamed sources, AMP apparently will not move ahead with the acquisition, leaving the ball in Colonial First State's court.
Colonial First State purportedly offered somewhere in the range of $400 million to $600 million for the business, well below the $700 million that had earlier been expected, before markets entered a volatile downturn.
Morgan Stanley is advising Westpac on the sale of its wealth management division.
Stay tuned.
How have Westpac shares been tracking?
Westpac shares have been among the better performers in 2022, both among the bank's peers and when compared to the wider basket of blue-chip shares.
Year-to-date the Westpac share price is flat. While that may not sound awe inspiring, bear in mind Westpac shares also pay a 5.7% trailing dividend yield.
And for context, the ASX 200 is down 10% so far in 2022, while the S&P/ASX 200 Financials Index (ASX: XFJ) is down 8%.
