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Westpac Completes Sale of Home Loan Portfolio to Consortium Including Pepper Money

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Westpac Banking (ASX:WBC, NZE:WBC) completed the sale of the RAMS home loan portfolio, around AU$15.4 billion at completion, to a consortium consisting of Pepper Money (ASX:PPM), credit funds and accounts managed by KKR, and PIMCO managed funds, according to separate filings with the Australian and New Zealand bourses on Monday.

The bank's common equity Tier 1 ratio increased by around 23 basis points after the completion of the transaction.

Pepper Money was appointed servicer of the portfolio, per the filings. It also holds a "small investment" in the securitization financing vehicle which acquired the beneficial interest in the loan portfolio, alongside other members of the consortium.

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