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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 …