Westpac Banking Corp 6-K, filed Aug 21, 2020
Westpac Banking Corp (WEBNF)
About this 6-K
Westpac Banking Corp filed this 6-K on August 21, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
August21, 2020
CommissionFile Number 1-10167
WESTPAC BANKING CORPORATION
(Translation of registrant’s name into English)
275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Index to Exhibits
| Exhibit No. | Description |
|---|---|
| 1 | ASX Release – Westpac Group Sells Strategic Alliances (“Vendor Finance”) Business |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WESTPAC BANKING CORPORATION | ||
|---|---|---|
| (Registrant) | ||
| Date: August 21, 2020 | By: | /s/ Yvette Adiguzel |
| Yvette Adiguzel | ||
| Tier One Attorney |
Exhibit 1
| ASX | Level 18, 275 Kent Street<br><br> <br>Sydney, NSW, 2000 |
|---|
Release
21 August 2020
WESTPAC GROUP SELLS STRATEGIC ALLIANCES (“VENDOR FINANCE”)BUSINESS
Westpac Group has today announced that it has entered into an agreement for the sale of its Vendor Finance business to Angle Finance, a portfolio company of Cerberus Capital Management, L.P.
Vendor Finance supports third parties to fund small ticket equipment finance loans to around 42,000 Australian businesses. The transaction is expected to result in the transfer of around $500 million of customer loans.
Chief Executive, Specialist Businesses, Jason Yetton, said “The sale represents the first transaction of the Group’s simplification initiatives and brings certainty for Vendor Finance customers and new opportunities for our people.”
Given the relatively modest size of the portfolio, the sale is expected to have a negligible impact on Westpac’s balance sheet and capital ratios. There is expected to be a small accounting loss on sale due to the transaction being structured with an initial payment on completion and deferred consideration payable over the two-year period following completion.
Completion of the transaction is expected to occur at the end of April 2021.
Vendor Finance currently operates out of the Westpac subsidiary Capital Finance Australia Limited (CFAL). Westpac will continue to retain and manage the remaining CFAL Equipment Finance business in its Business Division.
For further information:
| Lisa Parrett | Andrew Bowden |
|---|---|
| Senior Manager Media Relations | Head of Investor Relations |
| 0432 933 796 | 0438 284 863 |
About Angle Finance
Angle Finance is a non-bank asset finance company that services small and medium sized enterprises. It specialises in offering equipment finance up to $200,000 for transport, construction, materials handling and earthmoving equipment. Based in Melbourne, Angle Finance commenced operations in September 2019. Angle Finance is a portfolio company of Cerberus Capital Management, L.P, a global leader in alternative investing, and has recruited a highly experienced management team, invested in a technology platform and built a national reach via its first class service offering to finance brokers to allow it to expand into its chosen equipment finance markets.
This document has been authorised for release by Tim Hartin, General Manager & Company Secretary.