ANZ has sold its wholesale mortgage distribution business, Origin Mortgage Management, to non-bank lender Columbus Capital.
The white label product provides approximately $2.2bn of residential mortgage funding.
A spokesperson for ANZ
told Australian Broker Online
the plans to sell Origin Mortgage Management were in the pipeline as early as 2007.
During the GFC, the bank put sales plans on hold.
While he wouldn’t confirm how successful the white label offering had been, he did say the sale was part of ANZ
’s broader strategy to focus on its own in-house mortgage offerings.
“We don’t do a lot of white label activity, so this is one of the legacy items,” he said.
Ilias Pavlopoulos, executive director at Columbus Capital told Australian Broker Online the acquisition represented a more aggressive push into diversification, and back into the mortgage management market.
“We’re looking to come back to market, back to core business, we’ve been fairly dormant,” he said.
“Our intent, and it’s always been our cornerstone, is to bring innovation to the market.”