Westpac To Pay $1.37B For Lloyds' Aussie Assets

Law360, New York (October 11, 2013, 4:29 PM EDT) -- Sydney-based Westpac Banking Corp. on Friday said it has agreed to shell out A$1.45 billion ($1.37 billion) for Lloyds Banking Group’s Australian asset finance business, Capital Finance Australia Ltd., as well as its corporate loan portfolio, BOS International Australia Ltd.

The deal, which follows Lloyds' shift to focus on its U.K. business, is expected to deliver about A$100 million in additional cash earnings by fiscal year 2015, given the proven earnings profile and potential for increased productivity, according to Westpac.

Westpac Group CEO Gail Kelly said...
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