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CBA launches Count takeover

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Australian Broker | 31 Aug 2011, 04:00 AM Agree 0
CBA has launched a $373m takeover of a financial services group which is the largest equity security holder in Mortgage Choice
  • Ian Jervis | 31 Aug 2011, 12:48 PM Agree 0
    Great just what we need another major swallowing up a large chunk of the broker network.
  • Troy Phillips | 31 Aug 2011, 01:13 PM Agree 0
    If the Count offer is accepted CBA will land about 28% of Mortgage Choice and north of 30% of Aussie. The NAB via Advantedge control the aggregation space, it now leaves no doubt who controls the distribution of mortgages in Australia, all control no rests firmly back with the majors, the second tier banks have been cut out of the scale game, what next?
  • mortgageandlease | 31 Aug 2011, 02:30 PM Agree 0
    Count would be a very strategic plan. Count are affiliated with a large number of good size accountant practices and I have no doubt, they will want to drill further into those referral sources.

    And as Troy said, Between CBA and NAB, most brokers now would have a tie in one way or another.
  • countrybroker | 01 Sep 2011, 08:35 AM Agree 0
    Terrifying!! The ACCC must look at this, will they probably not, the labour goverment and particulary thje treasurer seem incapable of making decisions about anti competative behaviour and sutataions, just look at what happened with exit fees putting the second teir lenders on a non competative basis, the MFAA and FBAA need to lobby NOW about competition in the lending industry. I may as well have stayed with the bank and never left I will be a defacto contractor before too much longer!
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