Westpac Aims at Asset Finance Deal

In one of the biggest deals for many years, Westpac seems the most likely candidate to acquire Lloyds $6b asset finance book.

Lloyds asset finance business consists of car, property and equipment leasing.  Major competitors in Australia include:

  • Esanda finance,
  • St George Bank and
  • MacQuarie bank.

Although the deal is not finalised, it seems most likely that Westpac Bank will be successful in it’s attempt to acquire the assets.  Lloyds is exiting it’s international loans to focus on it’s core UK market.

Other bidders have gradually fallen by the way side.  These include Commonwealth Bank and Deutsche Bank.

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