The Big Four banks have finalized the sale of its $ 1 billion wholesale loan portfolio to Angle Auto Finance, with introducers expected to make the transition in due course.
Westpac has confirmed that it has completed the sale of its financing activities for automobile dealers and novation leasing to Angle Finance, a holding company of Cerberus Capital Management, which works closely with the broker market.
The company, which has a wholesale loan portfolio of around $ 1 billion in receivables, will now operate as Angle Auto Finance.
The transition of Westpac’s retail, wholesale and introducer networks to Angle Auto Finance has now started and is expected to be completed “by the end of March 2022”.
Westpac noted “the key stage of the transaction,” with Westpac group chief executive officer Jason Yetton saying the sale continues the big bank’s move to “simplify” operations.
“Westpac is confident that Angle will provide a high level of support to dealers and customers and is committed to investing and growing the business to help more Australians get behind the wheel,” said Yetton.
[Related: Westpac sells asset finance business]
Annie Kane is the managing editor of The Adviser and Mortgage Business.
In addition to writing about the Australian brokerage industry, mortgage market, financial regulation, fintechs and the broader lending landscape – Annie is also the host of Elite Broker and In Focus podcasts and The Adviser Live webcasts. .