Wizard sale to NAB drags on
The sale by GE Money of its Wizard Home Loans network to National Australia Bank may be proceeding after all.Chatter around the mortgage market over the last couple of weeks was that this mooted sale would not happen. Today, though, the Herald Sun reports that GE and NAB are inching closer to a deal that will see Wizard's network of 170 franchised branches come under the bank's control.The newspaper speculates that NAB is reviewing a proposal to pay $110 million for the distribution business.GE would retain ownership of, and funding obligations to, Wizard's current mortgage book.