Westpac is taking profits from its investment in by-now-pay later provider Zip Co, selling its entire holding after the market closed on Wednesday.
The Australian bank has held about 10 per cent of shares in Zip, which has seen its share price more than double this year amid the COVID-19 pandemic.
Working on the $366m sell down was UBS, offloading 55 million shares at $6.65 each.
Shares in Zip Co closed 1c higher to $7.08.
Zip has a $3.663bn market value.
The sell down comes after Zip’s rival Afterpay announced on Tuesday that it had teamed up with Westpac to launch the by now pay later provider’s first savings account in Australia, which it said would be a banking product for budget focused consumers.
Afterpay said the new product enabled through Westpac would allow its customers to have greater control over their finances and be able to manage funds through one service, with the product expected to be available from July 2021.
The Australian listed Afterpay has 10 million customers globally.
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