(Reuters) – Australia’s Westpac Banking Corp
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.