Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Aussie to merge with Lendi

mortgage/property/CBA/Aussie-Home-Loans/

16 December 2020
| By Mike |
image
image image
expand image

Aussie Home Loans is to merge with online home loan platform, Lendi.

The Commonwealth Bank has announced the merger which it said would bring together Aussie’s significant network, strong brand and deep experience with Lendi’s technology and platform.

In an announcement to the Australian Securities Exchange the bank said the complementary capabilities of Aussie and Lendi were expected to support the growth of the existing businesses and deliver a range of additional benefits over time.

It said upon completion, the bank would retain a 45% shareholding in the combined business, with existing Lendi shareholders holding the remaining 55%.

The announcement said that CBA would also received deferred consideration and a pre-completion dividend of $105 million in aggregate.

Confirming the transaction, CBA chief executive, Matt Comyn, said the bank believed the combined business would have a stronger platform to offer enhanced digital capabilities for Aussie brokers and superior experience for customers.

The transaction is expected to complete mid-2021 subject to approval from the Australian Competition and Consumer Commission (ACCC).

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 week 5 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 weeks 5 days ago

So we are now underwriting criminal scams?...

6 months 3 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

2 weeks ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

3 weeks 6 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

2 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3