(3 October 2024 – Australia) Westpac has announced the sale of the remainder of its auto finance division to Resimac.
The transaction has an expected value of between A$1.4 billion to A$1.6 billion and is expected to close in H1 2025, finalising the bank’s divestment of the business following a partial sale in 2021.
Resimac officially launched its asset finance division in 2021 after it acquired International Acceptance Group and targeted aggressive expansion in settlements.
Resimac reported a 76 percent increase in asset finance settlements to A$1.1 billion, predominantly derived from brokers and third-party wholesale originators set to be further boosted by the Westpac deal this financial year.
“Resimac is committed to offering diverse product options to customers and this transaction further strengthens our position as a competitive non-bank lender. We continue to reinforce our position in providing Australian’s a comprehensive range of finance solutions. Purchasing this book represents a step in our asset finance growth plan to expand our footprint in the auto finance sector and enhance our already diverse product range” commented Resimac interim CEO, Susan Hansen.
Resimac, which operates in Australia, New Zealand, and the Philippines, indicated that the deal supports the strategic growth objectives of its asset finance division and follows a series of business and portfolio acquisitions in recent years.