Cerberus Capital Management-backed Angle Finance to acquire the motor vehicle dealer finance and novated leasing businesses of Westpac for $1bn.

Cerberus Capital Management-backed Angle Finance, an Australian-based non-bank lender, agreed to acquire the motor vehicle dealer finance and novated leasing businesses of Westpac, an Australian bank and financial services provider, for $1bn. "This sale brings certainty for our customers, new opportunities for our people and continues the progress we are making on becoming a simpler bank," Jason Yetton, Westpac Group Chief Executive, Specialist Businesses & Group Strategy.