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)
Aug 21 (Reuters) - Westpac Banking Corp (WBC) on Friday agreed...
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Last
$38.30 |
Change
0.010(0.03%) |
Mkt cap ! $130.9B | |||
| Open | High | Low | Value | Volume |
| $38.22 | $38.49 | $38.02 | $191.3M | 4.999M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 20 | $38.30 |
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| Price($) | Vol. | No. |
|---|---|---|
| $38.35 | 500 | 1 |
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| WBC (ASX) Chart |