National Australia Bank (NAB) has now completed the acquisition of Challenger Mortgage Management and has unveiled a new brand for the business – Advantedge.
Executive general manager of NAB Partnerships, Matt Lawler, said NAB Personal Banking had created a new division called NAB Partnerships, within which Advantedge and NAB Broker will sit, to build partnerships with professionals across the mortgage broking, financial planning and mortgage management industries.
“NAB Partnerships provides us with a great platform to build relationships with brokers, mortgage managers and financial planners by providing them with a comprehensive range of services that help them grow their businesses,” he said.
The $385 million deal includes:
- The PLAN, Choice and FAST mortgage aggregation businesses;
- Challenger’s multi-brand white label product capability;
- A portfolio of approximately $4.5 billion of residential mortgages; and
- An interest of approximately 17.5 percent in Homeloans Ltd, with the potential to increase to approximately 41 percent subject to Homeloans Ltd shareholder approval.
The ACCC had previously tried to challenge the acquisition, amid concern over reduced competition in the sector.
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