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Westpac Group: Sells Strategic Alliances business

August 20, 2020

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