A major bank has pulled off a major coup, completing the acquisition of a $1.45bn loan book.
Westpac beat out Macquarie
Group and a consortium led by Pepper
to buy the $1.45bn Australian book of Lloyds Banking, boosting its motor finance and loan book, News Ltd. has reported. The ACCC approved the bid last month, and Westpac yesterday announced it had completed the deal for the British banking giant's Australian asset finance business and corporate loan portfolio.
The deal sees the bank take on 550 staff, and could deliver around $100m in extra cash earnings by next year, News Ltd. said. The motor finance business will be incorporated into St. George, while corporate loans from the Lloyds deal will become part of Westpac's institutional bank.