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Lloyds Banking Group PLC : India : LLOYDS deal finalized by Westpac

01/04/2014 | 03:32pm US/Eastern

The purchase of Lloyds Banking Group assets, first declared to the market in October by Westpac has finished.

Phil Coffey, Westpac chief financial officer said the deal had now been finalised, and the new businesses would complement existing St George and Westpac Institutional Bank operations.

Westpac said in a statement to the Australian Securities Exchange, it had completed the acquisition of the target's Australian asset finance business, Capital Finance Australia.

It also purchased the BOS International (Australia) Ltd, target's Australian corporate loan portfolio.

The bidding war for the target's assets had also comprised Macquarie Bank and ANZ.

Phil Coffey, Westpac group chief financial officer said that the deal was an important milestone for the bank.

Mr Coffey said, "The CFAL and BOSI businesses complement existing St George and Westpac Institutional Bank operations and will expand our capabilities in target segments."

Westpac earlier stated that it agreed to pay $1.45 billion for the assets, adding the deal would deliver approximately $100 million in additional cash earnings by fiscal 2015.

Westpac has finished its $1.45 billion purchase of Lloyds Banking Group's Australian motor and equipment finance business.

Westpac in October declared that it would purchase Capital Finance Australia Ltd (CFAL), along with its corporate loan portfolio, from the British bank.

© Al Bawaba Ltd., Acquiremedia 2014
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