- Westpac Group announced that it has entered into an agreement for the sale of its Vendor Finance business to Angle Finance
- Vendor Finance supports third parties to fund small ticket equipment finance loans to around 42,000 Australian businesses
- The transaction expected to result in the transfer of around $500 million of customer loans
- The sale represents the first transaction of the Group’s simplification initiatives and brings certainty for Vendor Finance customers
- Given the relatively modest size of the portfolio, the sale expected to have a negligible impact on Westpac’s balance sheet
- Westpac will continue to retain and manage the remaining CFAL Equipment Finance business in its Business Division
