Perpetual ups ante in mortgage sector
Perpetual has moved to increase its presence in the mortgage services sector with the acquisition of National Lending Solutions (NLS) from online financial services provider Infochoice.
The acquisition of NLS was the second purchase by Perpetual in the mortgage services sector following the Wignalls Lenders Mortgage Services acquisition in February 2007.
Perpetual’s group executive, corporate trust, Phil Vernon said the NLS acquisition was further evidence of Perpetual’s strategy, most recently outlined in the Chairman’s May Letter to Shareholders, to provide a comprehensive range of services to the securitisation and lending markets.
Infochoice today confirmed the completion of the transaction based on an initial payment of $3 million being received by the company and a further $500,000 being paid within 90 days.
Confirming the sale to the Australian Stock Exchange, Infochoice said it would allow the company to focus on the expansion of its business of providing information about retail financial products, services and related infomedia products to consumers and businesses.
AUTHOR
Mike Taylor
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