Westpac Purchase
Westpac completes $1.45b Lloyds lending book buy
Westpac Purchase
Westpac has completed its $1.45 billion purchase of the Australian commercial lending book of British bank Lloyds.
The acquisition of Capital Finance Australia Limited and its corporate loan portfolio, BOSI, announced in October, is Westpac’s biggest acquisition since it took over St George bank five years ago.
The Lloyds lending book contains some $3.9 billion in motor vehicle financing loans, an area of increasing interest for the Australian Competition and Consumer Commission.
It also contains $2.9 billion in equipment finance loans and $1.6 billion in corporate loans.
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Westpac’s chief financial officer Phil Coffey said the businesses would complement existing St George and Westpac operations.
“We are focussed on working closely with CFAL and BOSI customers to ensure continuity of high quality customer service,” he said.
The purchase was previously announced to the market on October 11.
‘‘The acquisition represents an important milestone for the Westpac Group,’’ Mr Coffey said.
The acquisition means Westpac now has an additional $8 billion in largely commercial loans to fund, placing pressure on its funding model at a time when regulators are pushing banks to fund more of their loans from deposits.
Read more: http://www.smh.com.au/
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