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Date Published : Friday, August 22, 2008
CBA is looking to purchase a minority stake in Aussie Home Loans, according to the Australian Financial Review (AFR).
It is claimed that CBA is prepared to pay around $60 million to acquire between 30 and 40 per cent of the non-bank mortgage lender, which would value the group at close to $200 million.
The publication claims that Australia's big banks are looking to capitalise on acquisition opportunities provided by the credit crunch.
With non-bank lenders taking sizeable hits and the cost of funding increasing in the current climate, the large banks are seeing it as an ideal time to claw back market share, it has been reported.
John Symond, founder of Aussie Home Loans, told SmartCompany last week that he was preparing to take a back seat at the group and it has been reported that discussions between CBA and Aussie Home Loans are "in full swing".
SmartCompay has also cited sources familiar with the situation that believe CBA will allow the group to operate as an independent organisation.
Earlier this month CBA posted record profits of $4.79 billion for the year ended June 30th, up seven per cent from the previous year.
Ralph Norris, CBA's chief executive officer, described the results as a "solid performance" in what he said was a "challenging year for the global banking industry".
On August 20th, CBA withdrew from negotiations with Royal Bank of Scotland over the acquisition of ABN AMRO Australia, citing "uncertainty in world financial markets and the risks involved in integrating these complex businesses at this time".
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