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The value of this transaction upon completion is expected to be around $1.4–$1.6 billion.
The non-bank lender said in a statement: “The transaction supports the strategic growth objectives of Resimac’s asset finance division and follows a number of business and portfolio acquisitions in recent years.”
Commenting on the announcement, Resimac’s interim CEO Susan Hansen said: “Resimac is committed to offering diverse product options to customers and this transaction further strengthens our position as a competitive non-bank lender. We continue to reinforce our position in providing Australians a comprehensive range of finance solutions. Purchasing this book represents a step in our asset finance growth plan to expand our footprint in the auto finance sector and enhance our already diverse product range.”
The timeline of this deal is expected to be completed in the first half of next year. However, Resimac said that it shouldn’t have an impact on the financial year 2025 financial results.
This newest revelation is the next phase of Westpac offloading loan books, which was witnessed back in 2021 with the sale of its vehicle loan book.
Westpac confirmed the decision in a statement: “Westpac has entered into an agreement to sell its auto finance loans and lease receivables to Resimac Group Limited (ASX: RMC, “Resimac”).
“The sale is anticipated to complete in the first half of 2025, with an expected transaction value of $1.4–$1.6 billion. It is not expected to have a material impact to Westpac’s financial statements. The sale will finalise Westpac’s divestment of its auto finance business, following the partial sale in 2021.”
Related: Resimac records strong growth in asset finance business
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