Westpac said to bid A$2.1b for Lloyds assets
SYDNEY/MELBOURNE: Westpac Banking Corp, Australia's second-biggest lender by market value, bid about A$2.1 billion (RM6.36 billion) for Lloyds Banking Group Plc's assets in the country, said a person with knowledge of the matter.
Westpac is in discussions with Lloyds on the offer, said two people with knowledge of the process, who asked not to be identified because the information is private. Macquarie Group Ltd and Pepper Australia Pty have also made bids for the assets, people familiar with the matter have said.
The deal would mark Westpac's biggest acquisition since it bought St George Bank Ltd for A$18.5 billion in 2008. The Lloyds transaction would allow Westpac chief executive officer Gail Kelly to add car leasing and corporate-loan assets to a loan book dominated by mortgages.
"It is more of a one-off transaction that is available to add growth when credit demand is weak," said Angus Gluskie, who helps oversee about A$500 million in assets. Bloomberg