The Challenger mortgage management business will be re-branded following NAB's successful acquisition.
"There will have to be a name change," NAB Broker's regional general manager Matt Lawler told Brokernews with a decision on a new name to be made in the next few weeks.
Lawler confirmed that the Challenger business would remain a separate entity, with Drew Hall remaining as CEO, reporting to him, while the three aggregation businesses - PLAN, FAST and Choice - will also remain seperate brands.
He said there would be no change to the business model operated by Challenger, except that NAB would be able to better support the mortgage management side of the business, something he said Challenge was unable to do due to the economic environment.
NAB, he said, would also provide brokers with broader products and services and better infrastructure and technology.
No changes will be made to the star rating system or broker remuneration, Lawler said, adding that brokers will continue to be expected to recommend products that best fit their client's needs, regardless of provider.
"We will not provide any additional incentives, biases or quotas to sell NAB products. Any NAB, Homeside or MLC product must win on the merits of that product," he added.
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NAB: "Attractive pricing" on aggregator purchases - Back of envelope calculations suggest NAB has bought Challenger's three aggregation businesses at a discount to their original cost with the bank describing the deal as offering "attractive pricing".