Firstfolio completes 'transformational' takeover
By
Adam Smith
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1/12/2011 3:00:00 AM
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Firstfolio has completed its takeover of non-bank lender Calibre, with CEO Mark Forsyth calling the move "transformational" for the company.
The acquisition was mooted in July, when Firstfolio said it would acquire the lender for its securitisation platform. Forsyth said the takeover would allow Firstfolio to enter the non-bank lending sector in earnest.
"The acquisition of Calibre marks a transformational change for Firstfolio, giving us the scale and capability to enter the non-bank lending space, which had been largely vacated in Australia following the global financial crisis," Forsyth said.
The acquisition will deliver Firstfolio a $400m warehouse funding line through Westpac. Forsyth said Calibre will form part of the company's newly-formed Firstfolio Capital division.
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