CBA replaces Macquarie as key Aussie funding partner
The Commonwealth Bank of Australia (CBA) will replace Macquarie Bank as one of the key funding partners of Aussie Home Loans.
A representative for Aussie said Macquarie would continue to manage the existing loan book, worth around $5 billion, while CBA would pick up new business, along with the group’s other existing funding partner, ANZ, through its Origin unit.
The news was first reported in online publication The Sheet, with Aussie chief executive officer Stephen Porges confirming the change would take place in six weeks’ time.
The replacement of Macquarie with CBA follows the former’s exit from its Australian residential mortgage business and CBA’s part-acquisition of Aussie.
Meanwhile, National Australia Bank’s exclusive rights to consider the purchase of Wizard purportedly expired last week, with Wizard reportedly going back to square one with two other prospective buyers.
The group held a staff meeting in Sydney earlier this week, the day after the group’s $300 million capital raising, but no new information was provided about the sale.
The sticking point is supposedly how the existing book of loans would be managed post-sale.
AUTHOR
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
