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Pepper acquires second finance book

by Staff Reporter7 minute read
The Adviser

Jessica Darnbrough

Further strengthening its place in the non-bank sector, Pepper has acquired Suncorp Bank's $150 million equipment finance portfolio.

According to Pepper’s managing director and chief executive Patrick Tuttle, the acquisition  forms part of the lender’s plan to grow its specialised lending services beyond home loan products.

Mr Tuttle said the Suncorp Bank portfolio comprises an even distribution of loans for passenger cars and commercial vehicles, as well as equipment finance across a variety of sectors, such as agriculture, office and medical.

“This Suncorp Bank book is a high quality, seasoned portfolio, originated by a top-tier regional bank,” Mr Tuttle said.

“Coupled with the experience we have gained as a third party servicer of auto and equipment finance assets since 2008, the acquisition of this portfolio will enable us to accelerate our plans to originate car loans and equipment leases under the Pepper brand.”

The acquisition is the second of its kind for Pepper within the last 12 months, with the lender acquiring GE Capital’s $5 billion residential mortgage portfolio in August last year.

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