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BankWest buys drug lending portfolio.

The Daily Deal

| May 01, 2003 | COPYRIGHT 2003 The Deal LLC. (Hide copyright information)Copyright

Byline: Josey Puliyenthuruthel

Bank of Western Australia Ltd. will pay A$306 million ($191 million) to acquire the pharmaceutical and healthcare lending business of API Finance Ltd. as part of a business alliance.

API Finance, the finance unit of drug wholesaler Australian Pharmaceuticals Industries Ltd., will transfer its A$300 million loan and lease portfolio to BankWest, as it is known. BankWest will also become the main provider of loans and other financial products to Australian Pharmaceuticals' customers.

Sydney-headquartered Australian Pharmaceuticals will continue to build its retail drug business, hospital and medical distribution under the …

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