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Westpac has sold its remaining 9.5 per cent stake in fund manager Pendal Group for about $185.4 million.

Westpac’s announcement was in line with its plans to sell the remaining 31 million shares in the investment firm, after a previous sale of Pendal shares in 2017.

Shares were sold to institutional investors at $5.98 each, a 4 per cent discount to Pendal’s closing share price on Wednesday.

Westpac expects to add about 2.0 basis points to the bank’s common equity Tier 1 capital ratio and will record a post-tax gain of $32 million.

Last month, Pendal, earlier known as BT Investment Management, reported a 14 per cent decline in funds under management in the first-half led by $2 billion worth of outflows from the Westpac book.