Westpac Banking Corp’s (ASX:WBC) $1.45 billion purchase of Lloyds Banking Group’s Australian assets will not substantially diminish car loan market competition, according to the ACCC.
The acquisition has been the subject of an informal review by the competition watchdog, which has been probing its potential impact on dealers and buyers.
Westpac is set to reap $3.9 billion in car loans from the deal, and the ACCC has been assessing the competition provided by rival financiers from Australia and New Zealand Banking Group (ASX:ANZ), Macquarie Group Limited (ASX:MQG), Toyota and Nissan.
ACCC Chairman Rod Sims says the majority of motor vehicle dealerships in Australia will continue to have access to the competitive floor-plan finance offerings from a range of manufacturer-aligned financiers and non-aligned financiers.
Westpac Banking Corporation reported net profit of $6.89 billion in the 2013 financial year.
WBC Price at posting:
$32.12 Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)