Two more looking at Wizard
Reuters reported yesterday that GE Money extended the deadline for bids for Wizard Home Loans after two more entities expressed interest. Indicative bids were otherwise due in mid August, Reuters reported.GE began soliciting offers in May, having decided to sell the retail home loan business acquired as part of the wider purchase of Australian Financial Investment Group in late 2004.GE plans to keep the wholesale funding arm acquired through AFIG. Mike Cutter, managing director of GE Money in Australia, talked up this segment of the business in an interview with the Financial Review, published today.Wholesale mortgage funding is less than 10 per cent of GE Money's business in Australia "and we can certainly grow it," he told the newspaper.Cutter said one way to grow GE's third party solutions business was to seek more market share in non-conforming small business lending.