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.
AUTHOR
Mike Taylor
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