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.

Macquarie takes stake in Bluestone

Staff Reporter 3 minute read

Jessica Darnbrough

Macquarie Bank will take a major stake in the mortgage firm Bluestone Group.

The second tier lender will take a 17.5 per cent stake in Bluestone via the subscription of newly issued Ordinary shares.

The proceeds of the capital raising will be used to support Bluestone’s expansion in Europe, and build on its success in Australia and New Zealand.

Advertisement
Advertisement

Bluestone’s chairman Alistair Jeffery said the company was overwhelmed to have an institution with the “strength and flair of Macquarie” on side.

“In our view there are a wide range of attractive investment opportunities emerging in the wake of the global financial crisis, and this investment positions Bluestone to benefit from the diverse opportunities we are seeing,” Mr Jeffery said.

Bluestone Group was forced to stop originating non-conforming loans in September 2008 when the cost of funding became too high.

However, with Macquarie now taking a large stake in the business, there are whispers that Bluestone could resume lending to borrowers with tarred credit histories.

Macquarie takes stake in Bluestone
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
handshake news Ex-broker head to lead MyState banking

A former broker head has returned to MyState Bank to tackle turna...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...