Wizard to be put on the market
Wizard Home Loans will reportedly be put up for sale this week with an announcement expected at the NSW state franchisee meeting in Sydney on Wednesday.
A report in The Australian said Wizard’s founder and current chairman, Mark Bouris, was seeking to take control of the non-bank lender with his brother Adrian, four years after selling the company to GE Money for about $500m.
In an attempt to avoid handing over control to Bouris, GE Money will seek out an alternative buyer with Westpac, NAB and Challenger all thought to be interested in the acquisition.
Wizard has struggled since coming under the control of GE Money with 30 branches closing down despite the company’s original intention of expanding the lender’s presence.
Bouris has reportedly gained the support of key franchisees who would share a stake in the company with Bouris and GE Money.
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.