Briefs: BNK completes Finsure sale, Harmoney expands funding
BNK Banking Corp has completed the sale of its mortgage aggregator Finsure to MA Financial Group. BNK said it would report a A$100 million pre-tax gain on the sale proceeds of $152.2 million, and expects to make a distribution of a “material portion” of the sale proceeds to shareholders. BNK chair Don Koch said in a statement that a strategic review of BNK Bank was ongoing.
Consumer lender Harmoney has set up a new A$150 million warehouse funding facility, with the backing of a big bank, to support strong lending growth. The company’s Australian loan book grew 83 per cent to $185 million last year and its total book (including New Zealand) grew 19 per cent to $557 million. The company boasts three of the big four banks as warehouse funders, along with a number of mezzanine investors. Australian originations overtook New Zealand during the December half.