Yellow Brick Road has continued its acquisition push, snapping up a major mortgage manager.
The company had tipped it was circling a mortgage manager for acquisition, and has this morning announced it will acquire 100% of Resi Mortgage Corporation.
Resi managing director Peter James
said the acquisition was "an important strategic move" for Resi.
“Both companies share a common vision to provide a genuine diversified “non-bank” alternative for the benefit of the Australian borrowing public. YBR’s capability in relation to product development, marketing and wealth management services will enhance the capacity to achieve this very important goal,” James said.
James said the Resi business would remain a separate brand and maintain its current management structure, with Angelo Malizis remaining as CEO.
“The YBR Group intends to build on the RESI brand strength and has a number of properties, products and platforms which they plan to introduce to RESI franchisees for the benefit of their customers.”