Leading non-major lender Liberty Financial has acquired wholesale aggregator nMB from Aussie Home Loans, effective immediately.
As of today (2 August), wholesale aggregator National Mortgage Brokers (nMB) will come under the Liberty Financial company.
Bought for an undisclosed sum, the aggregator will continue to operate under its own name (nMB) and will be an inclusive acquisition (i.e., there will be no redundancies as part of the change).
James Boyle, chief executive of Liberty Financial, said: “We have tremendous admiration for nMB which, under Aussie’s ownership, has grown to a team of over 400 brokers and a loan book of almost $14 billion.
“Liberty has successfully developed a thriving retail distribution channel, Liberty Network Services, over the past five years. The acquisition of nMB expands our distribution capabilities and creates unique growth opportunities for both organisations.
“There is a strong alignment of vision and values, with both nMB and LNS focusing on their distinctive value propositions which share a commitment to providing the highest quality of professional mortgage broker services to consumers.”
NMB managing director Gerald Foley added: “NMB has constantly evolved since our inception in 2001 and I am excited about the depth of resources that Liberty can bring to our fast growing business.
"I look forward to continuing my leadership of nMB, and I would also like to thank Aussie for its support since it acquired the business in 2012.”
Speaking of the change, the CEO of Aussie, James Symond, said: “NMB is one of Australia’s longest established mortgage aggregators and a genuine leader in the wholesale aggregator market.
"While nMB has been a very positive contributor to the success of the Aussie Group, the future of Aussie’s long-term strategy is to concentrate solely on our own branded distribution footprint.
“Liberty is a long-term partner of both Aussie and nMB, and I am confident that it is the right business and leadership team to facilitate nMB’s next phase of growth."
My Symond concluded: “Aussie will retain its strategic partnership with nMB for many years to come, and we wish them well as an important part of the very successful Liberty group.”