Westpac to Sell Auto Finance Loan Book to Resimac

Westpac Banking Corp announced on Thursday its plan to sell its auto finance loan portfolio to non-bank lender Resimac Group. The deal is expected to be valued between A$1.4 billion ($963.62 million) and A$1.6 billion upon completion.

Westpac, Australia’s second-largest mortgage lender, has been streamlining its operations to focus on core banking services. In 2021, the bank had already sold part of its auto finance business to U.S. private equity firm Cerberus Capital Management.

Resimac welcomed the acquisition, stating that it aligns with the strategic growth goals of its asset finance division. “This transaction builds on several business and portfolio acquisitions we’ve made in recent years,” Resimac said in a statement.

The sale is expected to be finalised in the first half of 2025.