Westpac to Acquire Lloyds Banking Group's Australian Asset Finance Business for AUD $1.45B

Westpac

today announced it has entered an agreement to acquire Lloyds Banking Group's

Australian asset finance business, CFAL, and its corporate loan portfolio, BOSI, for $1.45 billion. This follows Lloyds' decision to focus on its UK business. Westpac Group Chief Executive Officer, Gail Kelly, said the acquisition would deliver benefits to shareholders and was a good strategic fit with the existing businesses of St.George and Westpac Institutional Bank (WIB).