NAB acquires Challenger mortgage business

mortgage/national-australia-bank/australian-securities-exchange/chief-executive/

18 August 2009
| By Mike Taylor |

The National Australia Bank has moved to acquire Challenger’s mortgage management business for $385 million.

NAB confirmed the transaction to the Australian Securities Exchange today, saying the purchase included the PLAN, Choice and FAST mortgage aggregator businesses and Challenger’s multi-brand ‘white label’ capability.

It said in addition, a select portfolio of approximately $4 billion of residential mortgages would be acquired at a discount to face value for loan loss provisions.

NAB chief executive Cameron Clyne said the acquisition provided additional distribution and capability in Australian mortgages.

Check moneymanagement.com.au regularly for further details.

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