MA Financial acquires Finsure
Publicly-listed financial services firm, MA Financial Group (formerly Moelis) has moved to acquire mortgage aggregator, Finsure, from BNK Banking Corporation.
MA announced to the Australian Securities Exchange (ASX) today that it had entered into a binding agreement with BNK to purchase Finsure Holding Pty Ltd and its subsidiaries for $145 million.
MA told the ASX that the acquisition would strengthen MA Financial’s lending business.
It described the strategic importance of Finsure and said it was growing as Auastralian borrowers continued to gravitate towards the use of brokers.
“The acquisition of Finsure accelerates MA Financial’s strategy to develop a scalable, technology-enabled lending platform in Australia’s $2 trillion residential mortgage market and strengthens our ability to capitalise on the digital evolution of financial services in Australia,” it said.
“In addition to Finsure’s existing value proposition, we believe there are substantial growth opportunities in MA Financial’s credit and lending businesses associated with the synergvies of integrating the Finsure operating platform.
The ASX announcement said MA Financial and BNK had entered into a share sale agreement which would see MA acquire 100% of Finsure for $145 million on a a cash and debt free basis.
It said an underwritten institutional placement would be conducted to raise $100 million at $7.75 per share.
Jonsey & ALP totally screwed Advisers leaving MIS out of CSLR. Canberra collectively have blamed Advisers for 25 years for…
Yep would seem APRA have not heard of a Cashout and Recontribution strategy ??????????
Is it not a cost of completing the transaction? Why should it be removed from any analysis, applicable govt charges…
Misleading figures. We’d have millions and millions removed in our client base with LS. Almost 100% came straight back in…
Financial planners, you know exactly what will happen next. Get your wallets out- Cslr bill coming your way!