Westpac is to buy a private equity company called Westpac PLC.
The deal, worth about $1 billion, is part of a $10 billion Westpac purchase of its asset-managed arm, which owns about $9 billion worth of mortgage-backed securities and other assets.
The assets that Westpac will sell include its assets in Australia, its bank and investment arm.
The bank, which has more than 4,000 employees, is the largest private equity employer in the country, with assets in the top five, according to the latest data from the Australian Securities Exchange.
Westpac has about $10.5 billion in assets under management.