Just crossed on The Australian's Trading Day
Westpac poised to sell auto loan portfolio
Westpac is understood to be about to finally fire the starting gun on the sale of its $10 billion dealer finance and auto loan portfolio, with Morgan Stanley currently lining up bidders.
It is understood that prospective suitors are currently signing non-disclosure agreements being handed out by Westpac’s adviser, Morgan Stanley, ahead of receiving information memorandums for the sale, which could reap the Australian bank between $1bn and $2bn in proceeds, according to estimates.
Too big for MNY but it will be interesting to see who ends up snapping this up and what it means for the sector. Any acquirer is likely to be more enthusiastic about growing the book?
Westpac exiting auto loans
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