Australia's Westpac Group (WBC.AX,WBK) said that it agreed to sell its Vendor Finance business to Angle Finance, a portfolio company of Cerberus Capital Management L.P. It did not specify the deal value.
The company expects to complete the transaction at the end of April 2021.
The transaction is expected to result in the transfer of around A$500 million of customer loans.
Vendor Finance supports third parties to fund small ticket equipment finance loans to around 42,000 Australian businesses.
Westpac expects a small accounting loss on the sale and negligible impact on its balance sheet and capital ratios.
Vendor Finance currently operates out of the Westpac subsidiary Capital Finance Australia Limited or CFAL.
Westpac said it will continue to retain and manage the remaining CFAL Equipment Finance business in its Business Division.
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