SYDNEY (Reuters) - Westpac Banking Corp (ASX:WBC) has submitted a bid for Australian assets being sold by Lloyds Banking Group (LSE:LLOY), two sources said, lining up against competing offers from Pepper Australia and Macquarie Group (ASX:MQG).
Lloyds is selling corporate loan, motor and equipment financing businesses in Australia with a face value of some A$8.5 billion (4.89 billion pounds), people familiar with the process told Reuters.
The sale is part of a global plan by Lloyds to cut costs and strengthen its balance sheet as the bank shrinks its international operations and refocuses on lending to British households and businesses.
Westpac declined to comment.
(Reporting by Jackie Range in SYDNEY and Denny Thomas HONG KONG; Editing by Richard Pullin)
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