WBC buys Lloyds' Aust businesses

Bank enters agreement to acquire Lloyds’s Australian asset finance business and its corporate loan portfolio for $1.45bn.

Westpac Banking Corporation (WCB) has entered into an agreement to acquire Lloyds Banking Group’s Australian asset finance business, CFAL, and its corporate loan portfolio, BOSI, for $1.45 billion.

In a statement to the Australian Securities Exchange, Westpac said the sale comes as Lloyds’ focuses on its United Kingdom business.

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