Australia's Westpac agrees to sell RAMS mortgage portfolio to KKR-backed consortium
02/11/2025 20:50
Nov 3 (Reuters) - Australian lender Westpac WBC.AX said on Monday it had entered into an agreement to sell its A$21.4 billion ($13.91 billion) RAMS mortgage portfolio to a consortium which includes Pepper Money PPM.AX, KKR KKR.N and PIMCO. The sale is at a slight premium to the gross loan value of the portfolio to be transferred at completion, Westpac said in a statement, adding that it expects to book a loss on the sale after transaction costs and other adjustments. ($1 = 1.5389 Australian dollars) (Reporting by Himanshi Akhand in Bengaluru; Editing by Edmund Klamann) ((Himanshi.Akhand@thomsonreuters.com;))