Westpac finalises Lloyds deal
The acquisition of Lloyds Banking Group assets, first announced to the market in October by Westpac has completed.
On Thursday, Phil Coffey, Westpac chief financial officer said the deal had now been finalised, and the new businesses would complement existing St George and Westpac Institutional Bank operations.
Westpac said in a statement to the Australian Securities Exchange, it had completed the acquisition of the target's Australian asset finance business, Capital Finance Australia.
It also bought the BOS International (Australia) Ltd, target's Australian corporate loan portfolio.
The bidding war for the target's assets had also included Macquarie Bank and ANZ.
Phil Coffey, Westpac group chief financial officer said the deal was an important milestone for the bank.
Mr Coffey said, "The CFAL and BOSI businesses complement existing St George and Westpac Institutional Bank operations and will expand our capabilities in target segments."
Westpac earlier said it agreed to pay $1.45 billion for the assets, adding the deal would deliver approximately $100 million in additional cash earnings by fiscal 2015.
Westpac has completed its $1.45 billion purchase of Lloyds Banking Group's Australian motor and equipment finance business.
In October, Westpac announced it would acquire Capital Finance Australia Ltd (CFAL), along with its corporate loan portfolio, from the British bank.
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