Westpac to sell auto loan book to Resimac for more than $1b
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The news: Non-bank lender Resimac has agreed to acquire a portfolio of auto loans receivables and leases from banking major Westpac.
The numbers: Resimac said the portfolio it is purchasing has an expected value at completion of $1.4 billion to $1.6 billion.
The context: Resimac, which operates in Australia, New Zealand and the Philippines, said the deal supports the strategic growth objectives of its asset finance division and follows a number of business and portfolio acquisitions in recent years.
The company posted a near-50% slide in full-year net profit in August, with its performance hit by squeezed margins and a drop in assets under management.
On Thursday, Resimac said the Westpac transaction is expected to complete in the first half of 2025 and is not expected to have a material impact on FY25 financial results.
The sources: ASX announcement, ASX announcement
