Posts Tagged ‘Financial Services’

Macquarie Group Acquires GMAC Loan Portfolio

Saturday, May 1st, 2010

Macquarie Group Limited (MQG) today announced that Macquarie Bank Limited has acquired a portfolio of retail auto leases and loans from GMAC Australia, the Australian auto finance subsidiary of GMAC Inc. The portfolio, comprised of loans and leases for approximately 60,000 cars, has a value of approximately $A1 billion and is being purchased at an undisclosed discount which reflects an appropriate risk adjusted return. The portfolio will be managed by Macquarie Leasing, a division of Corporate and Asset Finance (CAF). CAF is Macquarie’s finance and asset management services business, and had assets and leases under management of $A13.6 billion, as at 31 March 2010, covering sectors including information technology, communications, security, medical, manufacturing, energy, motor vehicles, rail, and aviation engines. The acquisition consolidates CAF’s position as one of the larger independent providers of leases and loans for automobiles in Australia with approximately 260,000 contracts.

Macquarie Group Chief Financial Officer, Greg Ward said: “Several motor vehicle financiers, including GMAC, ceased originating retail and wholesale new business in Australia during 2008 and 2009. Macquarie’s purchase of the GMAC Australia portfolio follows our purchase of the $A1 billion Ford Credit Australia portfolio in October 2009. During the past seven months, Macquarie has purchased a total of 120,000 auto leases and loans in Australia valued at around $A2 billion.”

Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Macquarie Group Limited is listed in Australia (MQG) and is regulated by APRA, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorized deposit taker. Founded in 1969, Macquarie employs more than 14,600 people in approximately 70 office locations in 28 countries. At 31 March 2010, Macquarie had assets under management of $A326 billion.

www.macquarie.com.au

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Australian banks spreading to Asia

Thursday, April 22nd, 2010

In the finance news today both ANZ and CBA are reportedly expanding operations into Asia.

ANZ Bank is on the verge of taking on a $4.3 billion controlling stake in Korea Exchange Bank – a key to what ANZ’s chief executive describes as the company’s plan to be among the top pan-Asian banking players, right up there with HSBC and Standard Chartered.

Meanwhile, over at CommBank, a 15% stake in Viet Nam International Bank has been agreed on, with that amount to rise to 20% in the future. CBA believes Vietnam will see a significant increase in the demand for financial services in the coming years.

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Firstfolio Acquires Lease Choice Assets

Thursday, April 8th, 2010

Listed mortgage and financial services group, Firstfolio Limited (FFF), today announced it had acquired selected key assets of Sydney- based LeaseChoice, a leading specialist in business equipment finance and leasing solutions, in a deal that will immediately diversify Firstfolio’s earnings.

The assets acquired include the LeaseChoice business name, web-site, origination systems and associated trademarks. Firstfolio will also have access to wholesale funding arrangements previously enjoyed by LeaseChoice Pty. Limited.  acquisition is expected to be earnings accretive in the first 12 months, contributing up to $750,000 to Firstfolio’s group EBITDA in that period. Initial income will come from fees received on new transactions. Future earnings should be increased as the assets under management originated under Firstfolio ownership deliver additional post-finance term income flows. Loan contracts at the settlement date will be managed by the Vendor and all new contracts will be originated and managed by Firstfolio.

Under the terms of the transaction, Firstfolio will pay $2.4 million for the specified LeaseChoice assets, comprising a cash payment of $1.75 million at settlement,  shares issued to the value of $500,000 with agreed escrow or equivalent cash payment within 14 days, and a deferred payment of $150,000 on 31 December 2010. The LeaseChoice deal will enable Firstfolio to rapidly deploy a new suite of financial products with strong reach into SME and corporate markets through its existing distribution network, centred on the eastern seaboard.

Firstfolio CEO Mark Forsyth said: “Diversification of product and client portfolio has been a major goal for Firstfolio, and we have always been opportunistic in adding new financial service components that could benefit from our existing distribution platform. We have also put a priority on expanding into adjacent segments, particularly the SME market. As a leading provider of asset finance to sole traders,  successful SMEs and larger companies, LeaseChoice fits this bill perfectly,” Mr Forsyth said. “LeaseChoice has a strong distribution network through introducer relationships, such as Mortgage Choice, The Rock Building Society and AMP financial planners, and blue-chip government and institutional clients. Its leading proposition to these businesses and its specialised focus on business equipment made it a compelling proposition for us as we continue to grow our business in Australia,” he said.

LeaseChoice offers a range of business equipment for finance, including office equipment, furniture, computers, security systems, trucks and buses, salon equipment and medical equipment. LeaseChoice provides a complete asset management solution through procurement, financing, management and  disposal. The LeaseChoice’s origination team will join Firstfolio and LeaseChoice founder Kirk Tsihlis will maintain a close relationship with the business. Mr Tsihlis will focus on introducing or enhancing existing wholesale funding arrangements on an exclusive basis in Australia. Firstfolio is a specialist mortgage and financial services distribution business, with a diversified distribution network through its aggregation business and Australia’s leading online mortgage platform, eChoice. Firstfolio is one of Australia’s top tier mortgage aggregator/referrer platforms, and has secure lines of funding through a range of wholesale providers including ING, Adelaide Bank and Origin.

www.firstfolio.com.au.

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NAB Buys AXA’s Wealth Management Business

Wednesday, March 31st, 2010

National Australia Bank Limited (NAB) has agreed binding terms with the French parent company AXA (AXA), and AXA Asia Pacific Holdings Limited to purchase the Australian and New Zealand businesses of AXA APH for $4.6 billion1 as part of a proposal to acquire all of the shares in AXA APH. As part of the proposal AXA has agreed to purchase the Asian businesses of AXA APH for $9.4 billion, out of which the $0.7 billion AXA APH A&NZ debt to AXA will be repaid. NAB will therefore acquire AXA APH A&NZ without debt.

NAB will acquire AXA APH’s A&NZ wealth management and insurance businesses (including the Australian mature business). This includes the advice businesses of ipac, Genesys, AXA Financial Planning and Charter Financial Planning. NAB will be able to use the AXA trademark in Australia and New Zealand for a period of 2 years to assist with transition. Subject to agreeing new joint venture arrangements, NAB will retain AXA APH’s 50% interest in the AllianceBernstein Australia joint venture.

AXA will also offer to subscribe for $600 million of unsubordinated notes issued by National Wealth  Management Holdings Limited (NWMH). The proposal is subject to AXA APH minority shareholder approval. The Independent Directors Committee of AXA APH unanimously recommended that AXA APH minority shareholders vote in favour of the NAB proposal, in the absence of a superior proposal and subject to a favourable independent expert’s opinion. The proposal is also subject to various other conditions and regulatory approvals, including the approval of the Federal Treasurer and that there is no objection to the merger from the ACCC or APRA. A break fee of $35 million is payable to NAB by AXA APH in certain circumstances.

Cameron Clyne, NAB Group CEO said: “I am pleased with the progress we have made in our proposal to acquire the Australian and New Zealand businesses of AXA Asia Pacific and agreement of binding terms with AXA is an important milestone. “MLC and AXA Australia and New Zealand are among the most trusted financial services brands in Australasia and collectively hold more than $149 billion in funds under administration and management2. “The proposal agreed today provides the opportunity to enhance the access to competitive wealth management products and services within Australia and New Zealand. It is also an attractive, strategically aligned opportunity that enhances NAB’s activities in the growing wealth management industry,” he said.

Under the terms of the proposal, AXA APH minority shareholders will have the option to receive either cash of A$6.43 per AXA APH share or A$1.59 in cash and 0.1745 NAB shares per AXA APH share (subject to potential adjustment if NAB conducts an equity raising). AXA APH shareholders who elect to receive the cash and NAB share consideration under the proposal will also be entitled to receive the value of NAB’s 2010 interim dividend.

www.nabgroup.com

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MMC Contrarian Acquires MBF Life and Clear View Retirement Solutions

Sunday, March 28th, 2010

MMC Contrarian Limited (MMA ) has signed agreements to acquire Bupa Australia’s Life Insurance business (MBF Life) and Wealth Management business (ClearView Retirement Solutions) for $195 million. As part of the transaction, MMC has entered into an exclusive alliance with Bupa Australia to market its life insurance and wealth management products to Bupa Australia’s 2.9 million private health insurance customers for a period of 10 years. MMC’s acquisition of MBF Life and ClearView, together with associated costs, will be fully funded through existing cash resources of MMC of $69.2 million; a fully underwritten institutional placement conducted on Thursday 25 March 2010 to raise $61.7 million which is conditional on shareholder approval at a meeting on 30 April 2010 ; and a fully underwritten non-renounceable pro-rata entitlement offer to raise A$73.3 million.

MMC’s newly appointed Managing Director and CEO, Mr Simon Swanson, said: “The acquisition of Bupa Australia’s Australian life insurance and wealth management businesses represents a major opportunity to transform MMC into a significant, independent wealth management company in the Australian market place. The exclusive alliance with Bupa Australia represents a key growth platform for the medium term. We are delighted to be partnering with an organisation of Bupa’s capabilities and look forward to delivering financial products and services to Bupa’s customers”. The acquisition provides a compelling opportunity to create significant value for MMC shareholders. The acquisition price for MBF Life and ClearView represents an attractive discount of 22.6% to the assessed embedded value of $252 million (inclusive of the value of future franking credits) or an 8.5% discount to the assessed embedded value of $213 million (excluding the value of future franking credits). Synergies from the acquisition are likely to be substantial. The acquired businesses represent an ideal platform from which to grow the combined products and services of MBF Life, ClearView and ComCorp. In addition, MMC estimates that annual cost savings of approximately $6.5 million will be achieved progressively over the first year. MMC will remain debt-free post acquisition and will be in a strong capital position with approximately $36.5 million of surplus capital above regulatory requirements and residual cash of approximately $11.7 million, before settlement of any one-off integration and restructure costs associated with the acquisition.

www.mmccontrarian.com.au

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Customers ATM Extends ATM Contract With On The Run Stores

Sunday, March 28th, 2010

Customers ATM (CUS), a member of Customers Limited Group, today announced a seven year agreement with Peregrine Corporation, to continue the provision of ATM services across their “On The Run” convenience sites. The agreement, which will see Customers ATM continue providing and operating ATMs in a 24- hour environment at the BP On The Run branded convenience sites, highlights Customers ATM’s position of strength in the marketplace. The 51 On The Run sites in Adelaide each house a variety of outlets such as BP service stations, C Coffee, Happy Wash car washes, Brumby’s Bakeries and Subway.

Customers ATM Managing Director, Tim Wildash, said the agreement was the second long-term   partnership between the two companies. “Signing with a supplier for seven years is a significant commitment. On The Run and Peregrine Corporation’s choice to renew their partnership with us is testament to our consistently superior level of service and ATM network reliability,” Mr Wildash said. “We own and operate more than a fifth of all ATMs in Australia and more bank-branded terminals than other providers. Agreements with leading convenience retailers such as Peregrine further strengthen our market-leading position.” Peregrine Executive Director, Yasser Shahin, said he was looking forward to continuing working with Customers ATM. As Adelaide’s leading convenience retailer, we must ensure we have experienced, reliable suppliers so that we can focus on our core business,” Mr Shahin said.  “Customers ATM has more than proven its reliability to us, demonstrating flexibility and fast, responsive service and support, 24 hours a day.” Bendigo Bank branding will be rolled out to the On The Run ATMs, as part of the bank’s commitment to making more ATMs available to its customers. Bendigo Bank is a long-term partner of Customers ATM, with Customers branding and operating ATMs on the bank’s behalf.

Customers ATM (CUS) operates an ATM network of more than 5600 machines throughout Australia contracted to merchants. Its ATMs are primarily branded Bank of Queensland, St George Bank, Arab Bank of Australia, and Bendigo and Adelaide Bank. Customers holds contracts with more than 4600 merchants, which offer exclusive rights to provide cash to consumers at popular convenience locations. Customers is recognised as a leading independent owner and deployer of ATMs in Australia. Peregrine Corporation is Adelaide’s leading convenience retailer. The company was formed in 1984 with a single service station in Woodville Park and grew into a convenience business themed around the On The Run umbrella brand with more than 50 sites in Adelaide. The sites house a range of convenience businesses, including BP service stations, Brumby’s Bakeries, Subway sandwich outlets and Happy Wash car washes. Peregrine Corporation also operates Smokemart and GiftBox stores throughout Australia.

www.customersatm.com.au

www.perecorp.com.au

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WHK Group Acquires Hayes Knight Accounting Business

Friday, February 26th, 2010

The directors of WHK Group Limited (WHG) are pleased to advise that agreement has been reached  to acquire the Perth based accounting firm, Hayes Knight (WA) Pty Ltd, under purchase (tuck-in) arrangements with existing member firm WHK Horwath Perth. Core member firm, WHK Horwath Perth has reached agreement to acquire and merge with Hayes Knight WA, a highly regarded accounting firm with 4 directors, 24 staff and annual revenue of around $3.5 million.

The merged firm will have 14 principals, around 110 staff and annual revenue of approximately $18 million, consolidating its position as a pre-eminent mid-tier accounting firm in the growing Perth market. The acquired business will continue to operate from its existing premises in the inner Perth suburb of Osborne Park, under the name WHK Horwath Perth. This city fringe office will allow for future growth of the merged firm without having to expand the existing CBD premises. The transaction is expected to be effective from 1 April 2010 and involves the payment of cash and the issue of approximately 630,000 WHK Group shares.

This transaction is consistent with WHK Group’s growth strategy of supporting the development and expansion of core member firms into major businesses with a competitive advantage through scope and scale of operations as part of a national listed business and financial services group. When completed, this transaction will increase total acquired revenue in the current financial year to approximately $5.8 million.

www.whk.com.au

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eServGlobal Signs Phillipines Contract

Friday, February 19th, 2010

eServGlobal Limited (ESV), a provider of smarter transaction management solutions in Charging, Payment, Retention and Network Services, today announces an agreement for its HomeSend remittance platform between Belgacom International Carrier Services (BICS) and G-Xchange (GXI), a fully-owned mobile-commerce subsidiary of Philippines’ Globe Telecom.

The agreement provides for GXI’s existing number of remittance corridors to be expanded using the HomeSend Remittance Hub. The HomeSend service, created in partnership with BICS, provides a mobile-centric approach to international remittance which represents a significant new step in mobile payment. It allows subscribers of any mobile operator connected to HomeSend to transfer money electronically via a cellular phone to a GCASH subscriber.

This new cooperation, therefore, provides increased choice and convenience for Filipinos living or working overseas when sending money home to their families and friends in the Philippines.  The first interoperability tests between GCash, the fastest growing mobile wallet service in Asia, and HomeSend, eServGlobal’s mobile centric hub for international remittances, have been successfully completed. Three corridors will initially be launched in the coming weeks, namely between Belgium, UK and USA, and the Philippines, but will be extended in the near future towards other sending markets with large numbers of overseas Filipinos.

eServGlobal began investing in the development of HomeSend in 2007. It was a strategic undertaking in collaboration with BICS to provide an easy to use software as a service offering for mobile-to-mobile money transfer at a fraction of the cost for subscribers. HomeSend is the only mobile-centric international remittance hub endorsed by the GSMA and with this new deal, the company is now beginning to see the fruits of its labour. With the Philippines on board, customers will now be able to access the third largest remittance recipient market in the world.

www.eservglobal.com

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Count Financial Acquires Payroll Company

Wednesday, February 17th, 2010

Count Financial Limited’s (COU) wholly owned subsidiary, Countplus Pty Ltd is pleased to announce that one of it’s Canberra based investees, Achieve Corporation Pty Ltd (Achieve) has acquired the payroll management assets of CAL CPM Pty Ltd and CAL Consulting Pty Ltd (CAL). The service provided by CAL is virtually identical to the service currently provided by Achieve and as such represents an excellent opportunity to leverage Achieve’s existing systems for contractor payroll management.

The business mix is 100% payroll management and the client base, like Achieve’s, comprises of information, communication & technology consultants retained by the Federal Government.

Achieve founding Principal, Simon Mitchell, stated “that as a result of the significant synergies, systemisation and value added services that can be supplied to CAL clients, it is projected that the acquisition will be earnings per share positive over the short term.”

www.count.com.au

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Firstfolio Signs Up Medibank Private

Friday, December 18th, 2009

ASX-listed mortgage and financial services group, Firstfolio Ltd (FFF), and Australia’s largest private health insurer, Medibank Private, have signed a 12 month services agreement whereby Medibank Private members will have access via eChoice, to a free home loan health check, significant discounts on all major bank home loans over $300,000 and one simplified home loan fee. Medibank Private now joins AV Jennings and Virgin Money as the third financial services partner to sign up to BLOOM, a proprietary business-to-business software application launched by Firstfolio following its acquisition of eChoice in 2008. The BLOOM platform is designed as a bolt on application that organisations integrate into their own IT systems, and provide as a customised mortgage and financial services offering to their own customers. Under the terms of the agreement, Medibank Private will extend the offer to its members across Australia promoted via the feelbetter Rewards program which offers members access to discounted products and services.

Mark Forsyth, Chief Executive Officer of Firstfolio said: “Signing Medibank Private was an outstanding endorsement of BLOOM and what it can offer our partners’ customers. BLOOM is an important element of our long-term organic-growth strategy, and we are also working on a pipeline of further partnership opportunities that should unfold in 2010. The feedback from our other partnerships highlight that BLOOM has a very positive future, particularly now as we start to see a steady flow of enquiries being generated from these opportunities,” he said.

Firstfolio is a specialist mortgage and financial services business, with a diversified distribution network through its aggregation business, LawFund, and Australia’s leading online mortgage platform, eChoice. Firstfolio also specialises in offering property related and financial service solutions including: finance; bonds; fee funding; property investment, professional services and insurance.

Firstfolio is one of Australia’s top tier mortgage aggregator / referrer platforms, with secure lines of funding through a range of wholesale providers including ING, Adelaide Bank and Origin. As at June 2009, Firstfolio’s mortgage loan portfolio was more than $12 billion.

www.firstfolio.com.au

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