National Australia Bank today confirmed it had completed the acquisition of Challenger Mortgage Management and unveiled a new brand for the business – Advantedge. The PLAN, Choice and FAST aggregator brands remain.
Executive General Manager of NAB Partnerships, Matt Lawler, said NAB Personal Banking had created a new division called NAB Partnerships, within which Advantedge and NAB Broker will sit, to build partnerships with professionals across the mortgage broking, financial planning and mortgage management industries.
“The creation of NAB Partnerships and the acquisition of Advantedge marks the completion of an important milestone for NAB Personal Banking,” Mr Lawler said.
“NAB Partnerships provides us with a great platform to build relationships with brokers, mortgage managers and financial planners by providing them with a comprehensive range of services that help them grow their businesses.
“We believe the mortgage broking and mortgage management segment is an important component of the home lending landscape. Advantedge brings leading aggregation platforms PLAN, Choice and FAST, and Challenger’s multi-brand white label product capability to increase NAB’s footprint in this growing market.
“One of the significant benefits from this acquisition is in gaining the talents of the teams from Advantedge, PLAN, Choice and FAST – we’re very excited to welcome them all to NAB.”
Announcing the new brand, Advantedge Chief Executive Officer, Drew Hall, said: “This business is about giving brokers and mortgage managers an edge in business with great lending products, sophisticated systems and support in the new credit legislation world.
“We’re committed to delivering our customers new opportunities that enable their success and independence. We felt the name Advantedge reflected this commitment,” Mr Hall said.
On 18 August 2009, National Australia Bank announced it had reached an agreement to purchase the mortgage management business of Challenger for $385 million.
The acquisition includes:
• The PLAN, Choice and FAST mortgage aggregation businesses;
• Challenger’s multi-brand white label product capability;
• A portfolio of approximately $4.5 billion of residential mortgages1; and
• An interest of approximately 17.5% in Homeloans Ltd, with the potential to increase to approximately 41% subject to Homeloans Ltd shareholder approval2.