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.
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.
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