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Australia's Westpac to sell stake in buy-now-pay-later firm Zip

Oct 21 (Reuters) - Australia’s Westpac Banking Corp said on Wednesday it would sell its 10.7% stake in buy-now-pay-later firm Zip Co Ltd, 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. (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Jacqueline Wong)

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