ANZ to sell off Origin
ANZ will sell its wholesale distribution business, Origin Mortgage Management Services (Origin), to Columbus Capital.
The sale is aligned with ANZ's strategy to focus on growing its own branded mortgage products.
Columbus Capital will receive transitional services from ANZ for up to 12 months following the sale, with the impact on existing borrowers expected to be minimal.
Origin has a network of mortgage managers who provide funding for approximately $2.2 billion of residential mortgages.
The sale will be finalised in the next few weeks.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
