St. George Bank has agreed to acquire the Scottish Pacific Business Finance Group (SPBF) for 42 million Australian dollares, subject to formal Board approvals. SPBF is the leading provider of cashflow finance solutions to the Small and Medium Enterprise markets in Australia and New Zealand. The cashflow financing market, consisting of factoring and invoice discounting, has a turnover of approximately A$8 billion per year. SPBF has a 40% share of the factoring market and 21% of the overall cashflow finance market. The acquisition will give St. George a 29% share of the market. St. George will merge its existing cashflow finance business unit, St. George Business Finance, with the SPBF business.
Business Wire, 12 May 2000
