Aug 21 (Reuters) - Westpac Banking Corp (WBC) on Friday agreed to sell its vendor finance business to a U.S. private equity firm, potentially transferring about A$500 million ($359.80 million) worth of customer loans.
The business, which supports third parties to fund small-scale equipment finance loans, would be sold to Angle Finance, a portfolio company of Cerberus Capital Management, L.P, Westpac said in a statement.
The lender did not specify the value of the deal, but said it expects a small accounting loss on the sale.
($1 = 1.3897 Australian dollars)
News: WBC Australia's Westpac divests vendor finance business to U.S. firm
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