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