ANZ to sell Esanda Dealer Finance to Macquarie.
Global Banking News-October 9, 2015--ANZ to sell Esanda Dealer Finance to Macquarie
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Global Banking News - 09 October 2015
Australia & New Zealand Banking Group Limited (NYSE: ANZ) (ANZ.AX) (OTC: ANZBY) has said that it has entered into an agreement to sell its Esanda Dealer Finance portfolio to Macquarie Group Limited (MQG.AX).
The portfolio includes net lending assets of USD7.8bn, comprising retail point-of-sale auto finance of USD6.2bn, and wholesale bailment facilities and other Esanda branded finance offered to motor vehicle dealers of USD1.6bn. The total purchase price for the portfolio is USD8.23bn.
ANZ CEO Australia, Mark Whelan, said: 'The sale of the Esanda Dealer Finance portfolio reflects a continued focus by ANZ on core businesses and further strengthens our capital position. Macquarie's expertise, scale and reach mean they are ideally placed to continue providing high levels of support to dealer and auto finance customers.'
The sale does not include ANZ commercial broker, commercial asset finance or direct to consumer asset finance businesses. The sale of the retail portfolio is expected to be completed by October 31, with the wholesale portfolio expected to be completed in phases by March 31, 2016.
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