Oct 21 (Reuters) - Australia's Westpac Banking Corp WBC.AX said on Wednesday it would sell its 10.7% stake in buy-now-pay-later firm Zip Co Ltd Z1P.AX , as it aims to trim its portfolio and focus on its core banking business.
The offer price for sale is A$6.65 per share, a discount of 6.1% to Zip's last closing price of A$7.08.
The country's second-largest lender said in a statement the sale will add around 8 basis points to its common equity tier 1 capital ratio, a closely watched measure of its spare cash.