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Franchise brokerage City Pacific Finance, subsidiary of embattled City Pacific, will be sold to OneLend Corporation for $2.2 million, according to a statement released to the ASX today.
“Subject to certain conditions being satisfied settlement is anticipated to occur on 12 December 2008,” the statement read.
City Pacific has built a network of over 40 franchise outlets across Australia and a loan book in excess of $3 billion.
Melbourne-based OneLend describes its self “a leader in niche market mortgages”.
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