Briefs: NAB funds Afterpay, Financial counsellors support a single EDR scheme, Bidders line up for A
Online retail finance company Afterpay has secured a A$20 million receivables funding facility with National Australia Bank. Under the terms of the facility, an external trust will be established to purchase and fund Afterpay customer receivables. The company said in a statement that the funding agreement would be operational by the end of the year. In October the company raised $36 million of equity capital. The company also announced this week that it had added Super Retail Group to its payments platform. Super Retail Group's businesses include Supercheap Auto, Ray's Outdoors, Rebel, and Amart Sports. Financial counsellors support a merger of the Financial Ombudsman Service and the Credit & Investments Ombudsman. Financial Counselling Australia said 75 per cent of counsellors surveyed supported a merged service. A common theme in comments was that it was confusing to have to deal with two schemes and that a one-stop shop made sense. A panel appointed by the Treasurer in September to review external dispute resolution processes is due to report by the end of the year. Macquarie Group is forming a bidding consortium to bid for ANZ's wealth business, according to the Australian Financial Review's Street Talk column. ANZ, which has said it wants to be in the business of distributing insurance and other wealth products but not manufacturing them, is said to be seeking A$4.5 billion for the wealth business. MetLife, Japan's Meiji Yasuda, Hong Kong's AIA Group and Dai-ichi Life are all also interested in the ANZ business, according to the report. Finsia has awarded its annual Hugh DT Williamson Scholarship to Lucienne Cassidy, a senior associate at Ashurst. Cassidy plans to use the A$16,500 prize to take a course, Business Essentials for Executives, at The Wharton School, University of Pennsylvania. Finsia said the winner stood out for her leadership potential and commitment to community and social responsibility.