News today that Aussie John Symonds has ceded control of the Aussie Home Loans Group to the Commonwealth Bank which has taken an 80% stake in the erstwhile people’s champion.
Business Day reports that,
Mr Symond will continue as executive chairman of Aussie and will retain the outstanding 20 per cent shareholding, while continuing to be involved in the growth and direction of the company.
“We welcome this arrangement as CBA’s increased interest in Aussie is a great opportunity for the company to further accelerate our growth. We now have the opportunity to grow by investing in our product and service offerings and will remain a strong competitor in the mortgage broking channel,” Mr Symond said.
Even with the business m
“We will continue to grow our existing external business relationships with our diverse partners and establish new relationships to ensure we continue to provide a competitive and broad choice of products and services from a diverse range of business partners and lenders to our customers,’’ Mr Symond said.ajority owned by Commonwealth Bank, Aussie will continue to sell home loans through its panel of 18 lenders.
That is Australian Banking and the Australian Economy for you – the big get bigger and the trend toward oligopoly and monopoly wins out in the end.