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GE Money today announced that it has agreed to sell its Wizard Home Loans brand and franchise network to Aussie Home Loans.
As part of the purchase, CBA is acquiring up to $4 billion of mortgages originated by Wizard.
According to GE, it will “continue to service all existing loans that it is retaining in the normal way”.
GE Money president and CEO Mike Cutter said the sale included part of the AFIG business that GE Money bought in 2004 and that the lender would continue to earn an income stream from the loans it is retaining.
“Wizard has performed well and the sale represents the right outcome for customers, franchisees, employees and the shareholders of both companies,” he said.
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