ANZ extends rural reach
The ANZ Banking Group has purchased the loan and debenture books of AWB’s rural service provider, Landmark Financial Services.
On top of the transaction related to the debenture and loan books, Landmark has also entered into an exclusive three-year relationship with ANZ to refer any customers who may be interested in acquiring financial services products to ANZ.
The move will significantly increase the ANZ’s business footprint in rural and regional Australia via 640 staff in 131 business centres.
The Landmark loan book was valued at $2.4 billion, while the debenture book was valued at $300 million. The transaction resulted in a $2.1 billion debt reduction for AWB and the release of about $155 million in cash to the company.
Commenting on the transaction, AWB managing director Gordon Davis said it was consistent with the company achieving a streamlined debt profile and simpler lower-risk business.
It is expected that most Landmark Financial Services employees will be offered employment with ANZ.
AUTHOR
Mike Taylor
Recommended for you
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
