March 19 (Reuters) - Westpac Banking Corp WBC.AX :
* RESETS WEALTH STRATEGY
* GROUP'S WEALTH AND INSURANCE BUSINESSES WILL BE MOVED INTO EXPANDED BUSINESS AND CONSUMER DIVISIONS
* GROUP IS REALIGNING ITS MAJOR BT FINANCIAL GROUP (BTFG) BUSINESSES INTO CONSUMER AND BUSINESS DIVISIONS
* PRIVATE WEALTH, PLATFORMS & INVESTMENTS, AND SUPERANNUATION BUSINESSES WILL MOVE INTO AN EXPANDED BUSINESS DIVISION
* EXITING PROVISION OF PERSONAL FINANCIAL ADVICE BY WESTPAC GROUP SALARIED FINANCIAL ADVISERS & AUTHORISED REPRESENTATIVES
* INSURANCE BUSINESS WILL MOVE INTO CONSUMER DIVISION
* CONSUMER DIVISION WILL BE LED BY CURRENT BUSINESS BANK CHIEF EXECUTIVE MR DAVID LINDBERG
* CONSUMER BANK CHIEF EXECUTIVE, GEORGE FRAZIS, WILL LEAVE GROUP
* GROUP IS SIMPLIFYING GROUP'S STRUCTURE AND RE-ORGANISING GROUP EXECUTIVE RESPONSIBILITIES
* ONE-OFF IMPACTS FROM TRANSACTION AND IMPLEMENTATION WILL BE SPREAD OVER FY19 AND FY20
* CHANGES ANNOUNCED ARE EXPECTED TO BE EPS POSITIVE IN 2020
* INITIAL ESTIMATES FROM TRANSACTION AND IMPLEMENTATION INCLUDE ONE OFF COSTS OF BETWEEN $250-$300 MILLION
* DIVISIONAL CHANGES WILL BE EFFECTIVE FROM 1 APRIL 2019
* ENTERING SALE AGREEMENT WITH VIRIDIAN ADVISORY, MANY BT FINANCIAL ADVICE CUSTOMERS OFFERED OPPORTUNITY TO TRANSFER TO VIRIDIAN
* EXITING ADVICE BUSINESS & MOVING WEALTH BUSINESSES IN CONSUMER & BUSINESS DIVISIONS TO RESULT IN $20 MILLION (PRE-TAX) OF SAVINGS
* NUMBER OF GROUP'S SALARIED FINANCIAL ADVISERS AND SUPPORT STAFF WILL TRANSITION TO VIRIDIAN FROM ANTICIPATED COMPLETION DATE
* TARGETING 1% COST REDUCTION ON FY18
* ALASTAIR WELSH TO LEAD BUSINESS DIVISION ON AN ACTING BASIS Source ( https:// Further company coverage: WBC.AX