Aussie Home Loans is to merge with online home loan platform, Lendi.
The Commonwealth Bank has announced the merger which it said would bring together Aussie’s significant network, strong brand and deep experience with Lendi’s technology and platform.
In an announcement to the Australian Securities Exchange the bank said the complementary capabilities of Aussie and Lendi were expected to support the growth of the existing businesses and deliver a range of additional benefits over time.
It said upon completion, the bank would retain a 45% shareholding in the combined business, with existing Lendi shareholders holding the remaining 55%.
The announcement said that CBA would also received deferred consideration and a pre-completion dividend of $105 million in aggregate.
UPDATE 1-Australia s CBA to combine Aussie home loan business with Lendi reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
ASX Close: Santa rally as clock winds down
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The share market recorded its biggest rise in more than two weeks as US negotiators worked into the night on a stimulus package for the American economy.
The
S&P/ASX 200 rose 48 points or 0.7 per cent, broadly mirroring overnight gains on Wall Street.
Despite a late fade, today s advance was the local index s best since a 71-point burst on December 1. The rally raised hopes of a late Santa rally in the run in to Christmas.
What moved the market
US stocks surged overnight amid signs a divided Congress was finally getting serious about a stimulus deal. The
Real estate: John Symond lists Point Piper mansion ntnews.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ntnews.com.au Daily Mail and Mail on Sunday newspapers.
Aussie Home Loans CEO James Symond says he predicted the property market would not flounder as much as economists and big banks were saying as a result of the COVID-19 pandemic, citing low-interest rates as a strong economic stabiliser.