Briefs: zipMoney reports strong revenue growth, FlexiGroup completes institutional entitlement offer
• Consumer finance company zipMoney has released its first update since listing on the Australian Securities Exchange in September, reporting new loan originations of A$4.7 million for the September quarter and a total loan book of around $6 million. The company offers a similar service to groups like FlexiGroup, distributing finance through about 200 retailers and other merchants. It has more than 7000 active customers. Revenue of $358,000 was up 47 per cent on the previous quarter.• FlexiGroup has completed the institutional component of an entitlement offer that will raise A$150 million towards its acquisition of Fisher & Paykel Finance. The company said the fully-underwritten offer attracted strong demand, with 99 per cent take-up by eligible shareholders. FlexiGroup will pay $275 million for the New Zealand consumer finance company, which has receivables of NZ$662 million.• Greater Building Society will join the club at their coming AGM and ask members to vote to change to become a mutual bank. "An important change we must make is to our name. The term building society does not adequately reflect the services we provide and is not well understood," the society said in its annual report. • Australian Military Bank is poised to become Australia's newest mutual bank on 1 December 2015. At the Credit Union's AGM held in Sydney this week, members voted 92.5 per cent in favour of the move to become Australian Military Bank. With a resounding 92.5 per cent in favour of the change, Chairman, Clinton Thomas AM, CSC said "We're thrilled at the level of support our new name has received from our members". • Paul Thompson, the former head of money market trading in Rabobank's Singapore office from 2006 to 2011, has been granted bail in a Perth court ahead of a possible extradition fight with the United States, the AFR reports. The 49-year-old, who has been indicted by a grand jury in the US over allegations he conspired to manipulate the London Interbank Offered Rate, or Libor, must deposit $100,000 in cash before he will be released on bail.