CBA confirms sale of Aussie Home Loans stake

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    As previously reported in MPA, CBA has been looking at what to do with Aussie Home loans. “Aussie” John Symond stepped down from the company at the start of last month, and as we reported just a few weeks ago, CBA has had a deal team negotiating with Lendi.

    And it looks like the negotiations have been successful, with the announcement that CBA will receive $105m as a pre-completion dividend in a ‘merger’ with the online platform. The deal will see CBA retain 45% in the new business that will have a combined book of around $77bn in mortgages.

    "We believe the combined business will have a stronger platform to offer enhanced digital capabilities for Aussie brokers and a superior experience for customers," said CBA chief executive Matt Comyn.

    The new merged business could be the largest cross-channel mortgage broker in Australia – Aussie claims nearly 1000 brokers and lendi has around 400 staff.

    Lendi was founded in 2013 by David Hyman, Sebastian Watkins, Martin Lam and Mark Kalajzich.

    Last year Lendi showed nearly $40m in commission earnings and has won a number of awards, including AFR Boss’ Most Innovative Companies

    Original Article