Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Count Financial eyes bigger stake in brokerage

Staff Reporter 1 minute read

Count Financial has announced its intention to increase its stake in Mortgage Choice, after posting a healthy net profit for the six months ended 31 December 2009.

Count Financial is Mortgage Choice’s largest shareholder, with a 17.33 per cent stake in the mortgage broker.

“Clearly our aim is not to remain at 17 per cent forever, but we are pretty patient,” Count Financial executive chairman Barry Lambert told The Australian Financial Review.

“We don’t need to take control of Mortgage Choice, we have a large base of accountants, and could offer lots of business to them,”

“But if [we were] to do that, the value is all one way, so we need equity in them to compensate,” he said.

Count Financial yesterday posted a net profit after tax of $36.76 million, up 136 per cent from the corresponding period last year.

Count Financial eyes bigger stake in brokerage
default
TheAdviser logo
default

 

more from the adviser
WLTH team Neolender CEO reveals broker plans

The co-founder and CEO of new mortgage lender WLTH has revealed i...

tech tool data Business loans to be included in CDR from 1 Nov

The ACCC has revealed examples of the types of business loans tha...

clock Lenders’ turnaround times slowest in three years

The time it takes from loan submission to approval surpassed 25 d...

FROM THE WEB