Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
RAMS franchise goes under the hammer

RAMS franchise goes under the hammer

Staff Reporter 1 minute read

Westpac Bank has snapped up non-bank lender RAMS Home Loans Group’s (RAMS) franchise distribution business for $140m, it announced today.

In addition, Westpac will provide up to $2 billion of financing to fund new business and to refinance a proportion of RAMS’ outstanding US XCP (extendible commercial paper) program.

The acquisition includes the RAMS brand and franchise assets.

This will allow Westpac to operate the RAMS franchise business as an independent sales channel.

The sale of the brand and distribution business is subject to approval at a shareholder meeting planned for late November.

“The transaction provides a new alternative distribution channel and an additional growth option for Westpac,” said Westpac CEO David Morgan.

The RAMS franchise will remain a separate business in Westpac, extending Westpac’s Australian distribution footprint by 10 per cent.

A smooth transition is expected for customers and staff once final approvals are made at the RAMS November shareholder meeting.

Westpac Bank has snapped up non-bank lender RAMS Home Loans Group’s (RAMS) franchise distribution business for $140m, it announced today.

In addition, Westpac will provide up to $2 billion of financing to fund new business and to refinance a proportion of RAMS’ outstanding US XCP (extendible commercial paper) program.

The acquisition includes the RAMS brand and franchise assets.

This will allow Westpac to operate the RAMS franchise business as an independent sales channel.

Advertisement
Advertisement

The sale of the brand and distribution business is subject to approval at a shareholder meeting planned for late November.

“The transaction provides a new alternative distribution channel and an additional growth option for Westpac,” said Westpac CEO David Morgan.

The RAMS franchise will remain a separate business in Westpac, extending Westpac’s Australian distribution footprint by 10 per cent.

A smooth transition is expected for customers and staff once final approvals are made at the RAMS November shareholder meeting.

RAMS franchise goes under the hammer
default
TheAdviser logo
default
FROM THE WEB
more from the adviser
Near-prime the ‘fastest-growing sector’ of lending

The lending landscape has changed dramatically over the past year...

Third party veteran to leave bank after nearly 20 years

Adelaide Bank’s former general manager of third party – and c...

FBAA launches broker advocacy campaign

The industry association has ramped up its efforts to encourage t...