The bulk of the assets Westpac will acquire from Lloyds Banking Group Australia, in a deal announced on Friday, will end up in portfolios managed by the bank's St George division.Westpac has launched a series of initiatives over the past year aimed at reviving the St George brand and positioning it as a leading small business bank - a position it held before Westpac took it over in 2008.The addition of a substantial portfolio of equipment leasing and motor vehicle finance assets will give St George greater exposure to a couple of high-growth segments in the finance market.Westpac will pay A$1.45 billion for $8.4 billion of Lloyds' assets. Westpac's chief financial officer, Phil Coffey, said the price represented a $260 million premium over net tangible assets.He said Westpac was funding the deal with internal resources and it would have a positive impact on the bank's earnings per share in the 2013/14 financial year.When "synergies" are taken into account, the acquired assets are expected to add at least $100 million to Westpac's cash profit in 2014/15.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.Westpac chief executive Gail Kelly said the motor vehicle finance business was complementary to St George's existing business in that market. St George operates in the metropolitan market and the Lloyds business is concentrated in regional markets.Companies operating in the SME leasing and rental markets have reported strong growth in revenues and profits this year, in contrast to other segments of the Australian finance market. Equipment finance specialist Silver Chef reported a 36 per cent increase in revenue and a 28 per cent increase in profit.FlexiGroup's commercial division, Flexi Commercial, increased its cash profit by 77 per cent. And Thorn Equipment Finance more than doubled its earnings before interest and tax in the year to June.Kelly is looking to St George to provide similar oomph to the Westpac group's results over the next couple of years.Coffey said Westpac was acquiring "performing businesses" with appropriate levels of provisions. He said it was a "clean book".He said the corporate loan book will "rationalise" over time because Westpac already has relationships with most of Lloyds' corporate customers.Lloyds said the sale "will enable our country exit from Australia, which will be effected a short time after completion [at the end of the year], although we will continue to support core UK-linked clients in Australia."