Westpac sells vendor finance business to focus on core banking

(Reuters) – Australia’s Westpac Banking Corp on Friday agreed to sell its vendor finance business to a U.S. private equity firm, as part of its strategy to focus on core banking operations and trim its portfolio of underperforming businesses.

The unit, which supports third parties to fund small-scale equipment finance loans, would be sold to Angle Finance, a portfolio company of Cerberus Capital Management, Westpac said.

Westpac did not specify the deal value, but said it expects a small accounting loss on the sale and negligible impact on the bank’s balance sheet and capital ratios.

The deal will result in the transfer of about A$500 million ($359.80 million) worth of Westpac’s customer loans, and is expected to be completed by the end of April 2021.

In May, the Australian bank kicked off a review of its underperforming divisions including wealth platforms, superannuation and retirement products, insurance and auto finance businesses.

Read More

U.S. Accounting Standard-Setter Looks to Tackle Controversial Topics in 2021

The U.S. accounting standard-setter plans to tackle issues around accounting for goodwill and disclosure of expenses in 2021, after a year marked by a leadership transition and the economic havoc caused by the coronavirus pandemic.

“Our agenda is filled with important items, but those are two that have drawn a lot of interest from people,” said Richard Jones, who took over as chairman of the Financial Accounting Standards Board in July. The FASB makes accounting rules for companies and nonprofit organizations in the U.S.

In recent months, the FASB has advised on how to account for the impact of the pandemic, delayed implementation of certain rules by a year and temporarily slowed its pace of standard-setting. It is now turning to other, longstanding issues that have divided companies and investors for years.

Read More

Is FLO A Good Stock To Buy According To Hedge Funds?

The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We have processed the filings of the more than 817 world-class investment firms that we track and now have access to the collective wisdom contained in these filings, which are based on their September 30 holdings, data that is available nowhere else. Should you consider Flowers Foods, Inc. (NYSE:FLO) for your portfolio? We’ll look to this invaluable collective wisdom for the answer.

Is FLO a good stock to buy? Flowers Foods, Inc. (NYSE:FLO) was in 30 hedge funds’ portfolios at the end of the third quarter of 2020. The all time high for this statistic is 31. FLO investors should be aware of an increase in activity from the world’s largest hedge funds recently. There were 24

Read More

Why Is SEARCH ENGINE OPTIMIZATION Marketing Vital For Your Business

Business & Finance,Advertising & Marketing,SEO marketing,insurance,business ideasIn case you are bringing your brick and mortar store on-line or planning to launch an eCommerce store, having a advertising and marketing strategy in place would enhance your probabilities of success. Air pollution insurance usually takes the form of first-party coverage for contamination of insured property either by exterior or on-web site sources. Protection can also be afforded for liability to 3rd events arising from contamination of air, water, or land due to the sudden and unintentional launch of hazardous materials from the insured site. The policy usually covers the prices of cleanup and will embrace protection for releases from underground storage tanks. Intentional acts are particularly excluded.

Cellular laundry services might be the ideal extension of an existing laundry business. Anyone else should cope with excessive funding prices and relatively low returns. Every product you own was, at one point, just a simple concept. It was conceptualized by … Read More

Subscribe US Now