The struggling Wizard Home Loans, one of the biggest non-bank lenders in Australia was already for sale in the market since May this year. Now, the National Australian Bank is in confidential talks with Wizard for the acquisition, which may be announced next week.
More credit unions and building societies are also believed to be considering merging to compete with the bigger players.
It is understood that if NAB takes Wizard's distribution business, which includes an estimated 170 branches, it will pay less than $100 million for the business and the brand. However, if it negotiates to take its $12 billion loan book, it will pay significantly more.more...
5 comments:
well not a good time for banks
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Thank you for sharing such a nice post. It will be very useful to me.
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Australia home loans
The possible ways to get Grants for minorities is not clearly known to me and thus I could not make the most of it. Well things would surely have eased for me on me knowing about them. I am rather skeptic of such loans as I know I have to make arrangements to repay them too.
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Home loans save money for veterans and service members in that they replace the protection of a down payment that most lenders require with the protection of the full faith and power of the federal government.
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