Australia’s Westpac to sell auto finance credit book to Resimac Group By Reuters

(Reuters) – Westpac Banking (NYSE: ) Corp said Thursday it will sell its auto finance loan book to non-bank lender Resimac Group for an estimated $1.4 billion ($963.62 million) to $1.6 billion upon completion.

Westpac, Australia’s second-biggest mortgage lender by loans, has part-sold its car finance business to US private equity firm Cerberus Capital Management in 2021 as it focuses on core banking operations.

“The transaction supports the strategic growth objectives of Resimac’s asset finance division and follows a series of business and portfolio acquisitions over the past few years,” Resimac said in a separate statement.

The deal is expected to be completed in the first half of 2025.

($1 = 1.4529 Australian dollars)