Finance
Australia's Westpac to sell auto finance loan book to Resimac Group
(Reuters) – Westpac Banking Corp said on Thursday it would sell its auto finance loans book to non-bank lender Resimac Group for an expected value of A$1.4 billion ($963.62 million) to A$1.6 billion at completion.
Westpac, Australia’s second-largest mortgage lender by loans, had partially sold its auto finance business to U.S. private equity firm Cerberus Capital Management in 2021, as it moved to focus on core banking operations.
“The transaction supports the strategic growth objectives of Resimac’s asset finance division and follows a number of business and portfolio acquisitions in recent years,” Resimac said in a separate statement.
The deal is expected to complete by the first half of 2025.
($1 = 1.4529 Australian dollars)
(Reporting by Himanshi Akhand in Bengaluru; Editing by Alan Barona)
Finance
Your privacy choices
Yahoo is part of the Yahoo family of brands.
- provide our sites and apps to you
- authenticate users, apply security measures, and prevent spam and abuse, and
- measure your use of our sites and apps
If you do not want us and our partners to use cookies and personal data for these additional purposes, click ‘Reject all‘.
If you would like to customise your choices, click ‘Manage privacy settings‘.
You can withdraw your consent or change your choices at any time by clicking on the ‘Privacy & Cookie Settings’ or ‘Privacy Dashboard’ links on our sites and apps. Find out more about how we use your personal data in our Privacy Policy and Cookie Policy.
Finance
3 stocks to watch in 2026
Finance
Hong Kong to boost tech and finance services integration amid AI boom: Paul Chan
Hong Kong’s finance chief has pledged to further integrate financial services with technology innovation to foster a thriving ecosystem, following a surge in investor interest in artificial intelligence-related stocks during the first trading day of the year.
Financial Secretary Paul Chan Mo-po on Sunday also emphasised Hong Kong’s role as an international capital market in fuelling the growth of frontier mainland Chinese tech firms with the city’s funding and liquidity.
“We welcome these enterprises to list and raise capital in Hong Kong and also encourage them to settle in the city to establish research and development (R&D) centres, transform their research outcomes, and set up advanced manufacturing facilities,” Chan said on his weekly blog.
“We support them in establishing regional or international headquarters in Hong Kong to reach international markets and strategically expand across Southeast Asia and the globe.”
The Hang Seng Index kicked off 2026 with a bang, surging over 700 points – a 2.8 per cent jump that marked its strongest opening since 2013.
Innovation and technology giants spearheaded the rally, with the Hang Seng Tech Index soaring 4 per cent as investor appetite for AI-related stocks reached a fever pitch.
-
World1 week agoHamas builds new terror regime in Gaza, recruiting teens amid problematic election
-
Indianapolis, IN1 week agoIndianapolis Colts playoffs: Updated elimination scenario, AFC standings, playoff picture for Week 17
-
Business1 week agoGoogle is at last letting users swap out embarrassing Gmail addresses without losing their data
-
Southeast1 week agoTwo attorneys vanish during Florida fishing trip as ‘heartbroken’ wife pleads for help finding them
-
Politics1 week agoMost shocking examples of Chinese espionage uncovered by the US this year: ‘Just the tip of the iceberg’
-
News1 week agoRoads could remain slick, icy Saturday morning in Philadelphia area, tracking another storm on the way
-
World1 week agoPodcast: The 2025 EU-US relationship explained simply
-
News1 week agoMarijuana rescheduling would bring some immediate changes, but others will take time