NAB acquires Challenger mortgage business
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.
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.