June 17 (Reuters) - Westpac Banking Corp WBC.AX :
* ANNOUNCES PENDAL GROUP LIMITED INSTITUTIONAL OFFER
* ANNOUNCES FULLY-UNDERWRITTEN OFFER OF ABOUT 31 MILLION PENDAL GROUP LIMITED SHARES
* OFFER PRICE FOR SHARES HAS BEEN SET AT $5.98 PER SHARE
* FINALISATION OF OFFER WILL COMPLETE DIVESTMENT OF WESTPAC'S PROPRIETARY SHAREHOLDING IN PENDAL
* COMPLETION OF OFFER IS EXPECTED TO ADD ABOUT 2 BASIS POINTS TO WESTPAC'S COMMON EQUITY TIER 1 CAPITAL RATIO
* OFFER AND WILL RESULT IN POST-TAX ACCOUNTING GAIN FOR SECOND HALF 2020 OF $32M THAT WILL BE INCLUDED IN WESTPAC'S FY 2020 STATUTORY RESULT
* STRATEGIC REVIEW OF WEALTH BUSINESSES WILL OCCUR AS PART OF NEWLY FORMED SPECIALIST BUSINESSES DIVISION
* FOLLOWING REVIEW, MAY BE LOSS OF SOME OR ALL OF FUNDS THAT PENDAL MANAGES ON BEHALF OF CO