(Reuters) – Westpac Banking (NYSE:) Corp mentioned on Thursday it will promote its auto finance loans e-book to non-bank lender Resimac Group for an anticipated worth of A$1.4 billion ($963.62 million) to A$1.6 billion at completion.
Westpac, Australia’s second-largest mortgage lender by loans, had partially offered its auto finance enterprise to U.S. personal fairness agency Cerberus Capital Administration in 2021, because it moved to give attention to core banking operations.
“The transaction helps the strategic progress targets of Resimac’s asset finance division and follows plenty of enterprise and portfolio acquisitions in recent times,” Resimac mentioned in a separate assertion.
The deal is anticipated to finish by the primary half of 2025.
($1 = 1.4529 Australian {dollars})
