After seven years of wrangling, Westpac has this week conformed to the long-demanded policies of the NZ regulator and transferred a final batch of business from its New Zealand branch to its incorporated New Zealand subsidiary.Westpac advised yesterday, through the ASX, of the transfer of net assets with a book value of NZ$1.1 billion.The Reserve Bank of New Zealand first pushed Westpac to undertake most of its local operations through a subsidiary, rather than a branch, from early 2004 (and perhaps earlier).After much discussion, Westpac agreed to follow the RBNZ's approach in late 2004, and began trading through the subsidiary in November 2006. At the time, the scope of the subsidiary covered consumer and business banking operations.The RBNZ, however, continued to push for the transfer of most of the institutional business (covering deposits, loans, debt capital markets' business related to customer funding and the advisory business), which Westpac has now done.  The disclosure statement for June 2011 for Westpac's New Zealand branch said that it expected to transfer NZ$6.1 billion in loans and NZ$6.7 billion in deposits. At the time, Westpac estimated revenues from the affected business to be NZ$120 million, with a net profit of NZ$74 million.