Westpac Group Completes Sale of Vendor Finance Business

Westpac, an Australian bank and financial services provider, today announced that it has completed the sale of its Vendor Finance business to Angle Finance, a portfolio company of Cerberus Capital Management, L.P.

The transaction was firstly announced back to 21 August 2020. Vendor Finance supports third parties to fund small ticket equipment finance loans to around 42,000 Australian businesses.

The sale has a negligible impact on Westpac’s balance sheet and capital ratios. A small accounting loss was recognised in FY20.

“Westpac is pleased to have successfully executed the transaction which will help Australian businesses continue to finance small ticket equipment loans to grow and be successful and help us become a simpler bank,”commented Jason Yetton, Chief Executive, Specialist Businesses & Group Strategy.

As Fazzaco reported earlier, Afterpay partners with Westpac to launch new money and lifestyle app "Money by Afterpay"​, which is built on banking infrastructure provided by Australia's first bank Westpac. Afterpay partnered with Westpac last year to offer Afterpay-branded bank accounts.