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

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

FILE PHOTO: Pedestrians hold umbrellas as they walk past a branch of the Westpac Banking Corp in central Sydney, Australia, March 30, 2017. REUTERS/David Gray/File Photo

Westpac Banking Corp said on Wednesday it would sell its 10.7% stake in buy-now-pay-later firm Zip Co Ltd in a deal valued at about A$368 million ($260 million), as it aims to trim its portfolio and improve its capital position.