CBA takes control of Aussie Home Loans

THE CBA is increasing its stake in Aussie Home Loans from 33pc to 80pc. Source: Herald Sun

THE Commonwealth Bank is taking control of John Symond's Aussie Home Loans, extending its position as the country's number one home lender.

CBA already had a 33 per cent stake in the Aussie, which was established by Mr Symond in 1992 as an alternative to the big four banks.

Australia's largest bank will now take an 80 per cent stake in Aussie, with the option of taking full control in the coming years.

However, the deal still needs clearance from the Australian Competition and Consumer Commission.

Mr Symond welcomed CBA's acquisition, believed to be worth about $200 million, and said his business would remain a standalone lender to home buyers.

"The Commonwealth Bank will give us additional strength to grow and service our customers," he said today. "We will continue to offer a wide range of options, providing consumers the best options for their needs."

"It's business as usual for Aussie."

Mr Symond holds the remaining 20 per cent stake in Aussie, and will remain its executive chairman.

Aussie, which currently makes annual profits above $50 million, has loans worth about $38 billion with over 250,000 customers.

CBA's purchase will extend its market leading position in the home loan market.

According to the latest statistics from Australian Prudential Regulation Authority, CBA had $309.5 billion in home loans at the end of October, ahead of its nearest competitor Westpac with $295 billion.

"We recognise the strength and reputation of the Aussie brand and name in the Australian mortgage market and also the importance of broker distribution of home loans and other financial products," CBA's executive of strategic development Rob Jesudason said.

CBA shares were up 22 cents at $61.51, in line with gains by its main rivals.

Anda sedang membaca artikel tentang

CBA takes control of Aussie Home Loans

Dengan url

http://duniasikasik.blogspot.com/2012/12/cba-takes-control-of-aussie-home-loans.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

CBA takes control of Aussie Home Loans

namun jangan lupa untuk meletakkan link

CBA takes control of Aussie Home Loans

sebagai sumbernya