Westpac Banking Corporation to sale its Vendor Finance business

Westpac Banking Corporation (LON: 32XA) has entered into an agreement for the sale of its Vendor Finance business to Angle Finance, a portfolio company of Cerberus Capital Management, L.P.

  • The sale of the Vendor Finance business is the representation of the first transaction regarding simplification initiatives and brings certainty for Vendor Finance customers of the Group.
  • The transaction is also expected to result in the transfer of around $500 million of customer loans.
  • The completion of the transaction is expected to take place at the end of April 2021.