CommBank buys into equigroup
The Commonwealth Bank has announced the purchase of a 50 per cent shareholding in IT and medical asset financial services firm equigroup.
The partnership comes after a 10-year strategic alliance with the company and demonstrates the bank’s commitment to increasing its presence in the asset financing market, said Commonwealth Bank premium business services executive general manager of banking solutions Rowan Munchenberg.
“For the Commonwealth Bank, this equity ownership means we are now one of only a select few banks with genuine residual value investment in technology and medical equipment.”
Equigroup will provide a number of services exclusively to the new stakeholders, including the provision of asset management services and residual value investment linked to the financing of technology-dependent equipment, ranging from desktop computers to medical diagnostic imaging equipment.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
