National Australia Bank today confirmed it had completed the acquisition of Challenger Mortgage Management and unveiled a new brand for the business: Advantedge.
NAB Personal Banking had created a new division called NAB Partnerships, within which Advantedge and NAB Broker will sit, according to Matt Lawler executive general manager at NAB Partnerships.
He said the creation of NAB Partnerships and the acquisition of Advantedge marked the completion of an important milestone for NAB Personal Banking.
"NAB Partnerships provides us with a great platform to build relationships with brokers, mortgage managers and financial planners," he said.
Lawler added that the mortgage broking and mortgage management segment was "an important component" of the home lending landscape, and that the Challenger acquisition gave NAB the capability to "increase its footprint in this growing market".
"One of the significant benefits from this acquisition is in gaining the talents of the teams from Advantedge, PLAN, Choice and FAST - we're very excited to welcome them all to NAB," he said.
Announcing the new brand, Drew Hall Advantedge's chief executive officer said: "This business is about giving brokers and mortgage managers an edge in business with great lending products, sophisticated systems and support in the new credit legislation world."
The PLAN, Choice and FAST aggregator brands remain.
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