Powered by MOMENTUM MEDIA
subscribe to our newsletter

Resimac completes State Custodians acquisition

State Custodians is now a wholly-owned subsidiary of Resimac after the non-bank lender yesterday announced the acquisition of the company’s remaining shares.

State Custodians is one of Australia’s largest and most respected originators. For six years running it has maintained a ‘five-star’ CANSTAR rating on four of its main loans and has also won Money Magazine’s Non-Bank Lender of the Year in 2011, 2012 and 2013.

State Custodians chief executive Heidi Armstrong told Mortgage Business that with the sale of the remaining shares she will leave the company she helped create.

“I was the co-founder of State Custodians and established the business. It was a minority shareholding that I held but Resimac have now acquired that,” Ms Armstrong said.

Ms Armstrong confirmed she will not be joining Resimac.

Advertisement
Advertisement

“This is a new chapter for me and I will be leaving State Custodians,” she said.

Resimac took a majority shareholding in State Custodians in 2011 and is also the primary funder of the business.

It is a non-bank securitised funder and a pioneer of Australian residential mortgage-backed securities (RMBS), being the first issuer in 1988. Since then it has issued nearly $12 billion through 18 domestic and international RMBS issues.

Completion of the State Custodians deal follows Resimac’s protracted battle with Pepper to acquire RHG, which it won in October 2013. RHG accepted the final offer from Resimac.

RHG was the listed loan book that was attached to non-bank lender RAMS Home Loans prior to its acquisition by Westpac.

PROMOTED CONTENT


Resimac secured all of the issued shares in RHG for an all-cash consideration of 50.1 cents per RHG share.

Resimac completes State Custodians acquisition
mortgagebusiness

Latest News

The big four bank has confirmed that it is rolling out a new program of work to increase the speed in which it provides unconditional approv...

The ASBFEO has called on government to fund a revenue-contingent loan scheme for SMEs to help them manage cash flow once support measures en...

The fintech’s debit card and pay facilities will come offline today following the neobank’s decision to exit the banking business. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: A new mortgage lender enters the fray

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.