Mortgage Business
Westpac sale of Pacific businesses stymied by ICCC By Annie Kane 30 July 2021
The major bank has said that it is committed to the sale of its Pacific businesses despite a competition regulator knocking back their proposed acquisition.
In December 2020, Westpac Group announced that it was to sell Westpac Fiji and the bank’s 89.91 per cent stake in Westpac Bank PNG Ltd to Kina Securities Ltd (whose subsidiary Kina Bank bought ANZ’s retail, commercial and SME banking business in 2019).
The Westpac deal was estimated to be around $420 million and is subject to regulatory approvals in both Fiji and Papua New Guinea (PNG).
Non-bank lender issues $1.5bn RMBS By Annie Kane 30 July 2021
A prime residential lender has announced the pricing of one of its largest prime residential mortgage-backed securities to date.
ColCap (formerly Columbus Capital) – a non-bank prime lender specialising in Australian residential mortgage lending through its wholesale lending brand Origin Mortgage Management Services and its online direct-to-consumer brand Homestar – has priced a $1.5 billion residential mortgage-backed security (RMBS).
The Triton 2021-2 equals the lender’s largest issuance, which was priced in February 2021.
According to the lender, the three-year tranche was priced at 70 basis points above the one-month Bank Bill Swap Rate (BBSW), reportedly making Triton 2021-2 the lowest price ever achieved by a non-ADI issuer for a tranche “of equivalen
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AFG-Connective merger unlikely to complete
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The aggregator has flagged that delays from the courts in delivering a judgement on its proposed merger with Connective may result in the scheme deed expiring.
The proposed merger between Australian Finance Group Ltd (AFG) and Connective Group may not go ahead given delays to court judgements, the listed aggregation group has suggested.
As announced in 2019, moves were underway to create the largest merged aggregation entity in broking via the proposed $120-million merger between AFG and Connective.
In June 2020 – and after several delays and rounds of consultation – the Australian Competition and Consumer Commission (ACCC) said that it would not oppose the merger between the two groups.