Yellow Brick Road/Macquarie Bank deal to create competition
Yellow Brick Road's (YBR) new deal with Macquarie Bank will "establish much-needed competition in financial services", the company has announced.
YBR has launched a range of lower-priced mortgage products and is set to launch a new range of wealth management products in 2013 as part of its strategy to increase its presence in the sector.
The deal with Macquarie Bank would see the two companies develop branded banking and wealth management products and services, including the terms of a new mortgage funding and distribution arrangement.
"Key to our strategy is to deliver advice across a broader range of needs, including planning for retirement and protecting [clients'] assets," the company said in a statement to the Australian Securities Exchange.
The newly-announced campaign represents an "aggressive" push into financial services to create "much needed competition" in the sector, YBR said.
"The launch of this new range of mortgage products is compelling in the short term, but equally as compelling is the medium- to long-term potential of Yellow Brick Road delivering additional initiatives in banking and wealth management."
The announcement came hours after YBR entered a trading halt, saying it would announce a deal with a major financial services institution.
In the days leading up to the announcement, the media speculated the deal would be struck with Macquarie.
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