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Bank may be looking to buy out major aggregator

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Australian Broker | 03 Mar 2014, 08:39 AM Agree 0
A non-major bank is said to be conducting due diligence on a complete buyout of a major aggregator, stirring ideas the lender is expanding its influence in the broking sector.
  • Bd | 03 Mar 2014, 12:19 PM Agree 0
    Custom equity group - built by brokers owned by brokers
  • chrisc | 03 Mar 2014, 02:40 PM Agree 0
    Banks/executive already own or partly own other lenders and aggregators; sit on the board of MFAA and other finance bodies; they dictate their terms to these oganisations and brokers and the consumer (the end liners - in wich other industry are we dicated to, as to how much we will/won't get paid and we have no say in it) bear the brunt of their empire building, increased market share, decreased compeititon with continuing low service levels. We lnow they are just out to make as much profit as they can - cn aford to buy it back if they lose it (they lost it for a reason so we are back to square one) - have said it years ago -will keep saying it - Banks should not be allowed to control and dictate to the market by allowng them to control every stage and area of the finance industry.....surely they must hold conflicts of interest with their positions across so many channels.
  • SIDBROKER | 04 Mar 2014, 11:26 AM Agree 0
    To CHRISC. But that why we have ACCC and ASIC is it not to make sure this sort of thing does not happen. Then again the banks have barristers and our money to fight them with and that won`t do will it. Mean while they are out having lunch and a laugh over a bottle of red.
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