What the official record says
This Act is the Westpac New Zealand Act . This Act comes into force on the day after the date on which it receives the Royal assent. The purposes of this Act are to provide for— the vesting of certain assets and liabilities of Westpac Banking Corporation, being principally assets and liabilities of Westpac Banking Corporation's New Zealand institutional banking business, in Westpac New Zealand, having regard to the Reserve Bank of New Zealand's local incorporation policy; and the efficient conduct of Westpac New Zealand's business.