The Australian Competition and Consumer Commission will not oppose Westpac's acquisition of assets from Lloyds Banking Group Australia. The regulator said the acquisition was not likely to result in a substantial lessening of competition.In October, Westpac agreed to pay A$1.45 billion for $8.4 billion of Lloyds' assets. The acquired assets include $2.9 billion of equipment leases - $1.9 billion in the small and medium-sized business market, and $1 billion in the corporate market.  There are $3.9 billion of motor vehicle finance assets, which include $3.2 billion of personal car finance and $700 million of dealer finance.And there are $1.6 billion of corporate loans (plus $1.1 billion of undrawn corporate facilities).St George Bank will take over the SME equipment finance portfolio and the motor vehicle finance portfolio.Westpac Institutional Bank will take over the corporate lease receivables and the corporate loan portfolio.The ACCC's focus was on the motor vehicle finance market, where Westpac's subsidiary, St George, and Lloyds' Capital Finance Australia were competitors.In a statement issued yesterday, the ACCC said: "One of the central issues in the investigation was determining the degree of competition provided by manufacturer-aligned motor vehicle financiers, such as Toyota Financial Services and Nissan Financial Services, and non-aligned motor vehicle financiers, such as the merger parties Esanda and Macquarie Bank."It concluded: "The majority of motor vehicle dealerships in Australia will continue to have access to competitive floor-plan finance offerings from a range of manufacturer-aligned financiers and non-aligned financiers."