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.

Firstmac to acquire brokerage

kimcannon ta kimcannon ta
Charbel Kadib 2 minute read

The non-bank lender is in the process of acquiring a brokerage in a bid to diversify its lending business.

Firstmac Ltd has moved to acquire car loan brokerage CarLoans.com.au and car-buying service Georgie from ASX-listed vehicle finance and leasing company Eclipx Group. 

The non-bank expects to complete the transaction on or around 9 May 2020 for approximately $2 million. 

Advertisement
Advertisement

According to Firstmac managing director Kim Cannon, the move would strengthen the group’s market position amid the ongoing COVID-19 crisis by diversifying its portfolio, which currently includes Loans.com.au and Savings.com.au. 

“During this time of crisis, we are taking a positive approach to business to ensure that we emerge out the other side with an even stronger company,” Mr Cannon said.

“These two businesses complement our existing brands very well and will help us expand car loans business over time to match our successful home loan operation.”

The announcement comes just a month after Treasurer Josh Frydenberg rejected the non-bank’s proposed acquisition of Queensland-based lender Maleny Credit Union due to “ownership issues” and competition concerns. 

PROMOTED CONTENT


Firstmac’s latest move also follows the completion of a $1-billion residential mortgage-backed securities raising to fund its home lending business. 

Mr Cannon said Firstmac’s “forward-looking” strategy would help it manage market headwinds, adding that the group has learned from its experiences during the global financial crisis.

“Our 41 years of experience has helped us to manage our way through many crises before. And COVID-19, while unique, is nothing we can’t conquer because of our strong business,” Mr Cannon said.

“We are using this time to redeploy our staff onto new projects, invest in the future and rebuild our company to face the challenges of the post-COVID-19 economy.”

[Related: Referral relationships key amid COVID-19: Tom Panos]

Firstmac to acquire brokerage
kimcannon ta
TheAdviser logo
kimcannon ta
Charbel Kadib

Charbel Kadib

Charbel Kadib is the news editor on The Adviser and Mortgage Business.

Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.

Email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

more from the adviser
Tax sign Victoria announces stamp duty waivers

The Victorian government has announced an investment of over $293...

Tim Brown ta New SME finance platform swoops into the market

A new finance platform that allows small businesses to access eq...

recovery growth Suncorp launches FBAA broker wellbeing program

The non-major has launched a wellbeing assistance program for FBA...

FROM THE WEB