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CBA ups stake in Aussie

Staff Reporter 5 minute read

Staff Reporter

The Commonwealth Bank of Australia has increased its share in the Aussie Home Loans business.

According to a statement from the brokerage, CBA has agreed to take an 80 per cent stake in the business, acquiring a further 47 per cent.

John Symond will continue as executive chairman of Aussie and will retain a 20 per cent shareholding, while continuing to be involved in the growth and direction of the company.

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“We welcome this arrangement as CBA’s increased interest in Aussie is a great opportunity for the company to further accelerate our growth. We now have the opportunity to grow by investing in our product and service offerings and will remain a strong competitor in the mortgage broking channel,” Mr Symond said.

Aussie will continue to offer hundreds of home loan options through its extensive panel of 18 lenders, as well as the range of non-mortgage Aussie products, such as insurance, personal loans and credit cards.

 “We will continue to grow our existing external business relationships with our diverse partners and establish new relationships to ensure we continue to provide a competitive and broad choice of products and services from a diverse range of business partners and lenders to our customers.

“The Commonwealth Bank will give us additional strength to grow and service our customers. We will continue to offer a wide range of options, providing consumers the best options for their needs. It’s business as usual for Aussie.”

CBA ups stake in Aussie
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