SYDNEY, July 24 (Reuters) - Westpac Banking Corp WBC.AX on Monday said it has entered exclusive talks with Charter Hall Group CHC.AX for the sale of its Hastings Funds Management unit.
Westpac did not specify a potential price for the sale.
Westpac tried to sell the unit last year but withdrew from sale talks, citing market conditions. Analysts had expected Hastings to be sold for between A$300 million ($237.21 million) and A$500 million, a figure that is expected to be exceeded should talks with Charter Hall prove successful.
The potential deal comes as Australian banks are selling down capital intensive or low-returning assets. Fund Management specialises in the acquisition and management of infrastructure, property, alternative debt and private equity.
($1 = 1.2647 Australian dollars)