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Here’s why Westpac (ASX:WBC) just sold its entire Zip (ASX:Z1P) stake – Motley Fool Australia

The Zip Co Ltd (ASX:Z1P) share price will be on watch tomorrow after Westpac Banking Corp (ASX:WBC) announced plans to sell its entire stake…



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Hot on the heels of the announcement of a partnership with payments company Afterpay Ltd(ASX: APT), this afternoon Westpac Banking Corp(ASX: WBC) has revealed plans to sell its entire stake in rival buy now pay later provider Zip Co Ltd(ASX: Z1P).
What did Westpac announce?
Westpac has announced that it has signed an agreement with UBS for an underwritten sale of its 10.7% stake in Zip by way of a fully underwritten book build to institutional investors.
According to the release, the bank has agreed…

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