Suncorp launches on-line margin lending
Suncorp Metway has launched a new online margin lending service allowing retail investors to borrow up to 70 per cent of the market value of their portfolio from their desk-top.
Suncorp Metway Banking general manager David Gration says the rollout of the margin lending product is a boon for smaller investors, particularly those who have typically been unable to access opportunities usually reserved for larger institutional traders.
“This is a major breakthrough for smaller investors, who have typically been unable to take advantage of the many investment opportunities that arise for only brief periods,” Gration says.
“With these new tools, small investors can move quickly, match the big guys, and maximise returns,” he says.
The launch follows Suncorp’s signing of an agreement with e-commerce technology provider JDV.
The deal includes the outsourcing of Suncorp Metway’s existing margin lending business to JDV, including back office operations. The operations component will be run from JDV’s Melbourne offices.
HP JDV chief executive Tim Moore says his group has a proven track-record of successfully providing online trading solutions, and the introduction of its integrated margin lending solution at Suncorp is all part of the group’s natural progression.
JDV has administered Suncorp Metway’s Share Trade site over the past year, processing all online trading and settlement, and will now also manage online margin lending.
JDV is a leading provider of end-to-end branded online solutions, including share trading, unit trust and bond trading, international investments and margin lending. Systems developed by JDV are also used by leading financial organisations includingAMP, BankWest,BT Portfolio Services, Quicken.com.au andYour Prosperity.
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