Tricom in a hurry to find a buyer

Tricom, a niche stockbroker and margin lender funded mainly by ANZ, confirmed to The Australian that the business was for sale but did not confirm speculation, also reported in the newspaper, that Bell Financial was the likely buyer.

The Sydney Morning Herald reported that Bell's offer to take over Tricom's broking business was for a nominal amount.

The Australian also reported that Tricom in at least 24 cases failed to transfer customer's collateral to other margin lenders after customers organised alternative finance. The failure of Tricom to transfer the collateral, or to make a cash payment to the customers, means these borrowers are now facing margin calls from their new lenders.

The newspaper reported that the delays are "getting close to 10 days".