(12 October 2015 – Australia) Following ANZ Bank's A$8.2 billion sale of Easanda dealer finance business to Macquarie Group, chief Mark Whelan has eased concerns of more divestments.
Whelan told Fairfax Media that he did not believe there were other divisions within the Australian business that would be sold, and underscored he viewed the parts of Esanda that were retained, such as commercial and consumer asset financing, were core to ANZ.
“Domestically, I don't see any other areas in my portfolio [for divestment],” he said.
Whelan highlighted that the Esanda sale was a “good result” for the bank as it freed up capital for to reinvest in higher-returning areas such as mortgages and small business loans.
ANZ will record about $100 million profit on the sale, reflecting assets of $7.8 billion, and a purchase premium of approximately $423 million.
Macquarie's motor vehicle finance assets will almost double to $17 billion from the acquisition.