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.
