Australia's Westpac to sell auto finance loan book to Resimac Group (updated)

Resimac

03/10/2024 24:30

(Adds details from paragraph 2 onwards)
       Oct 3 (Reuters) - Westpac Banking Corp  WBC.AX  said on
Thursday it would sell its auto finance loans book to non-bank
lender Resimac Group  RMC.AX  for an expected value 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 sold its auto finance business to U.S.
private equity firm Cerberus Capital Management in 2021, as it
moved to focus on core banking operations.
    "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
said in a separate statement.
    The deal is expected to complete by the first half of 2025.

($1 = 1.4529 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru; Editing by Alan
Barona)
 ((Himanshi.Akhand@thomsonreuters.com))