Westpac has acquired Lloyd's Australian asset finance business and its corporate loan portfolio in a deal worth $1.45 billion

Westpac has acquired Lloyd's Australian asset finance business and its corporate loan portfolio in a deal worth $1.45 billion. Westpac expects that synergies will deliver additional earnings of $100 million by financial year 2015 with CEO Gail Kelly saying This is a value creating, straightforward transaction that makes both commercial and strategic sense. These are strongly performing businesses that we know well and that will expand our reach and capability in target segments. On the financial contribution of the acquisition, she said Importantly the transaction meets our strict acquisition criteria and shareholders will see a benefit to earnings per share in fiscal 2014. (VIEW LINK)