NAB looks to pick up Wizard's wand
Friday 24 October 2008Control of Wizard Home Loans could pass over to National Australia Bank, it has been revealed.
According to inside sources contacted by the Australian, an announcement of the takeover is expected next week if final negotiations go to plan.
Wizard – one of Australia’s largest non-bank home loan and car loan providers – was put up for sale by American owner General Electric in May.
“The big question is whether Mark Bouris (the founder of Wizard) will retain a role and whether NAB will buy the distribution or the $12 billion loan book,” insisted the Australian’s inside man.
If the deal goes ahead, it will follow the likes of RAMS and Aussie Home Loans, both of which were snatched up by Westpac and the Commonwealth Bank of Australia respectively.
Wizard has put a focus on relieving the strain of home loan repayments for the average Aussie. Commenting on the September decision to slash interest rates, the company recorded a 15 per cent fall in its “Stress-O-Meter”.
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