Westpac sells asset finance business
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The big four bank has confirmed its sale of its motor vehicle dealer finance and novated leasing businesses to a non-bank asset finance 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 comprises 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
26 June 2021 Westpac has today outlined the support measures available to help business and consumer customers impacted by the latest COVID-19 restrictions in Sydney. Customers in need of financial asistance can access our dedicated support team who will tailor assistance to suit the customer s circumstances. This may include the following: Business customers Reduced or deferred repayments on asset and equipment finance and eligible business loans. Business loan restructuring with no fees incurred. Referrals to financial counsellors or other support services. Eligible customers may be able to access low interest rate business loans through the Federal Government s SME Recovery Loan Scheme. Consumer customers
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Westpac will retain ownership of Westpac New Zealand (WNZL), after it announced in March that it was accessing whether a demerger would be in the best interest of shareholders as new requirements had been put in place by the Reserve Bank of New Zealand.
In an announcement to the Australian Securities Exchange (ASX) Westpac Group chief executive, Peter King, said: “After a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders.
“Our review identified opportunities to improve service for customers and value across the WNZL business and we will progress these with the WNZL board and management team.”