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PLAN acquisition complete: Challenger

Staff Reporter 2 minute read

Challenger Financial Services now dominates Australia’s aggregation sector on yesterday’s news that it has completed its acquisition of PLAN.

An announcement to the ASX yesterday confirmed that Challenger had followed its initial 15 per cent stake in PLAN with the acquisition of the remaining 85 per cent.

PLAN has an estimated $40b of mortgages under administration which Challenger claims makes it “the largest Australasian mortgage aggregator” and now joins Choice Aggregation Services under full Challenger ownership.

Challenger also owns 19 per cent of FAST.

Challenger has not disclosed details of the deal however the group said “the remaining stake was acquired on similar metrics to the Choice acquisition in 2007”.

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Brian Benari, Challenger’s mortgage management chief executive, said the acquisition further cemented the lender’s major participation in the aggregation and broker segment.

“Today’s announcement confirms the continuation of our strategy in this sector and commitment to deliver preeminent service for intermediaries across our business,” he said.

Published: 01-10-09

What does Challenger's acquisition of PLAN mean for the broking industry? Are other lenders likely to follow suit? COMMENT HERE

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