Westpac Banking Corporation
(ASX:WBC) has completed the $1.45 billion acquisition of Lloyds Banking Group assets.
Wespac has purchased Lloyds Australian asset finance business Capital Finance Australia Ltd and Lloyds Australian corporate loan portfolio BOS International (Australia) Ltd.
The deal was announced to the market in October 2013 and expected to generate about $100 million in extra cash earnings by fiscal 2015.
CEO Gail Kelly said at the time of the first announcement the acquisition is a good strategic fit with Westpac’s existing St George and Westpac Institutional Bank businesses.
In a statement to the market today Chief Financial Officer Phil Coffey says the acquisition will expand Westpac’s capabilities in target segments.
Westpac’s win trumped ANZ Banking Group
(ASX:ANZ) and Macquarie Group Limited
(ASX:MQG) in the race for the assets.
Westpac Banking Corporation reported net profit of $6.89 billion in the 2013 financial year.
