NAB Broker chief points way to Wizard buy
By Larry Schlesinger
|
22 Oct 2008
Comments made by NAB Broker regional general manager Matt Lawler have given further weight to rumours that the bank is set to buy struggling franchise group, Wizard.
Speaking at Tuesday's broker road show in Sydney, Lawler said competition in lending would change with "more brand names operating off of the bigger brand name balance sheets".
If NAB were to buy Wizard, just such an arrangement would come into effect, mirroring Westpac's purchase of RAMS and the CBA's one-third investment in Aussie Home Loans.
Rumours of a NAB/Wizard deal follow a report in today's Australian which said the bank was just "days away" from finalising the deal.
The speculation was denied by the bank.
GE Money is looking to offload Wizard, which has a loan book of $12bn and about 170 branches around the country.
If NAB buys only the distribution business and not the loan book, the price tag is expected to be less than $100m.
Related stories:
CBA buys 33% stake in Aussie
Wizard to be put on the market
Broker news forum is the place for positive industry interaction
and welcomes your professional and informed opinion.
Win a media advertising package worth over $10,000!
Have something interesting to say? The best comment of the month as judged by the
Key Media editorial team will receive a personal profile on Broker news and
in Australian Broker magazine as well as the opportunity to advertise their
business in the nationally circulated Your Mortgage magazine! To enter the competition, you must login with your Broker news username and password. If you are not already a member, sign up now!
Post a comment
Broker news welcomes your contribution. Your IP address is recorded in the event
of a complaint.