Westpac WBK today announced it has entered an agreement to acquire Lloyds Banking Group's LYG 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).
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