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You are at:Home » Australia’s Westpac will sell its auto finance loan book to Resimac Group
Banking

Australia’s Westpac will sell its auto finance loan book to Resimac Group

Gazet InternationalBy Gazet InternationalOctober 3, 2024Updated:January 23, 20251 Min Read
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Westpac Banking Corp announced on Thursday that it would sell Resimac Group, a non-bank lender, its book of vehicle finance loans. The sale is likely to close for between A$1.4 billion ($963.62 million) and A$1.6 billion.

Westpac

In 2021, Westpac, the second-largest mortgage lender in Australia based on loans, partially sold its auto lending division. This sale was made to American private equity firm Cerberus Capital Management to help the bank focus on its core banking activities.

“The transaction supports the strategic growth objectives of Resimac’s asset finance division and follows a number of business and portfolio acquisitions in recent years,” Resimac stated in an additional statement.

It is anticipated that the purchase would close in the first half of 2025.

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#AUSTRALIA #BANKING #GAZET #GAZETINTERNATIONAL #LOANS #ResimacGroup #WESTPAC
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