National Australia Bank today confirmed it had completed the $385 million acquisition of Challenger Mortgage Management and has unveiled a new brand for the business - Advantedge.
NAB Personal Banking has created a new division called NAB Partnerships, within which Advantedge and NAB Broker will sit, to build partnerships with professionals across the mortgage broking, financial planning and mortgage management industries.
PLAN, Choice and FAST aggregator brands will remain.
Executive General Manager of NAB Partnerships, Matt Lawler, said "The creation of NAB Partnerships and the acquisition of Advantedge marks the completion of an important milestone for NAB Personal Banking."
“NAB Partnerships provides us with a great platform to build relationships with brokers,
mortgage managers and financial planners by providing them with a comprehensive range
of services that help them grow their businesses.
Mr Lawler reiterated NAB’s commitment to the third party channel stressing that “mortgage broking and mortgage management segment is an important component of the home lending landscape”.
Speaking about the new brand, Advantedge Chief Executive Officer, Drew Hall, said “We’re committed to delivering our customers new opportunities that enable their success and independence.
“We felt the name Advantedge reflected this commitment,” Mr Hall said.