The ACCC has approved Westpac’s proposal to buy Lloyds Banking Group’s Australian assets for $1.45 billion.
The regulator had been investigating if the deal would give Westpac an unfair leg up against car financing competitors like Toyota Financial Services, Nissan Financial Services, Esanda and Macquarie Bank.
Chairman Rod Sims said manufacturer-aligned financiers would continue to compete for business in about three-quarters of car dealerships in Australia, while non-aligned financiers such as ANZ and Macquarie were likely to continue to fight Westpac for the rest of the market.
Macquarie and ANZ also bid to buy Lloyds’ Australian business earlier this year, but dropped out of the bidding process in early October and late September respectively.
Westpac told investors this morning that the buyout was expected to be completed on December 31.
There’s more in the ACCC’s announcement.