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NAB this morning confirmed that it is in advanced discussions to acquire the brand name and distribution network of Wizard Home Loans.
As well as the distribution network, NAB said it is in the final stages of negotiating to acquire up to $4 billion of Wizard originated prime mortgages.
The acquisition of Wizard “would progress the NAB retail strategy of providing customers with products and services that match their individual needs and using a multi-brand approach”, the bank said.
A final decision is yet to be made, NAB said, but discussions are “well advanced”.
The proposed purchase price, according to NAB, was “not material”.
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