Westpac sells asset finance arm
By
Annie Kane
The major bank has offloaded another of its specialist businesses to a non-bank lender.
Westpac has confirmed that it will sell its motor vehicle dealer finance and novated leasing businesses to Angle Finance, a portfolio company of Cerberus Capital Management.
Westpac’s auto finance businesses comprise retail auto loans originated through more than 250 auto dealer groups, strategic alliance agreements with three major vehicle manufacturers, wholesale dealer loans provided to dealers in the form of bailment and other facilities and a novated leasing business.
Advertisement
");
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1606778578862-0'); });