Westpac to Sell Remainder of Auto-Finance Business for Up to A$1.6 Billion
By Mike Cherney
SYDNEY--Westpac said it would sell the remainder of its auto-finance business to Australian alternative lender Resimac, completing the ASX-listed bank's divestment of the unit following a partial sale in 2021.
Westpac said Thursday the deal is expected to be valued at between 1.4 billion and 1.6 billion Australian dollars (US$960 million to US$1.1 billion). The deal covers auto-finance loans and lease receivables.
The bank expects the deal to complete in the first half of 2025. It does not expect it to have a material impact on its financial statements.
In 2021, Westpac sold its wholesale dealer loan book to a unit of U.S. investment firm Cerberus Capital Management. At the time, Westpac said the sale simplified its operations.
Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
October 02, 2024 19:13 ET (23:13 GMT)
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