Westpac Banking Corp 6-K, filed Dec 20, 2021
Westpac Banking Corp (WEBNF)
About this 6-K
Westpac Banking Corp filed this 6-K on December 20, 2021.
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
December 20, 2021
Commission File 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 completes sale of wholesale auto loan book |
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: | December 20, 2021 | By: | /s/ Yvette Adiguzel |
| Yvette Adiguzel | |||
| Tier One Attorney |
Exhibit 1
ASX |
Level
18, 275 Kent Street Sydney, NSW, 2000 |
Release |
20 December 2021
WESTPAC COMPLETES SALE OF WHOLESALE AUTO LOAN BOOK
Following the 28 June 2021 announcement of Westpac’s intention to sell its vehicle dealer finance and novated leasing businesses to Angle Auto Finance1, Westpac has today confirmed that it has completed the sale of its wholesale dealer loan book of approximately $1 billion in receivables.
This is the key milestone in the transaction. The transition of Westpac’s retail, wholesale dealer and introducer networks to Angle Auto Finance is under way and is expected to complete by the end of March 2022.
The transaction is expected to add 6 basis points to Westpac’s Common Equity Tier 1 capital ratio2 and generate an accounting gain on sale3.
Westpac Group Chief Executive, Specialist Businesses, Jason Yetton said the sale continued to simplify the Group’s operations while supporting the Auto Finance industry.
“Westpac is confident that Angle will provide a high level of support for dealers and customers and is committed to investing and growing the business to help more Australians get behind the wheel,” Mr Yetton said.
For further information:
| Lisa Parrett | Neil Wesley |
| Media Relations | Investor Relations |
| M. 0432 933 796 | M. 0481 461 498 |
This document has been authorised for release by Tim Hartin, General Manager & Company Secretary.
1 Angle Auto Finance is a portfolio company of Cerberus Capital Management.
2 On a pro forma 30 September 2021 basis.
3 Around one third of the gain on sale (and the majority of the increase in capital) will be booked with the sale of the loans, while the residual gain on sale will accompany the transition of the distribution business to Angle Auto Finance.
