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.
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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