Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

AFG responds to acquisition rumours

Mortgage aggregator AFG has spoken out about speculation that a major bank is planning a takeover.

On Thursday, The Australian Financial Review reported that it understands Westpac Banking Corp has “been assessing a move into the [mortgage broking] industry by running a ruler over Perth-based company Australian Finance Group (AFG)”.

“Westpac may think an acquisition would bolster its standing in the industry which has rationalised over the last decade,” the article said.

Advertisement
Advertisement

AFG executive director Kevin Matthews, however, dismissed the reports as “pure speculation”.

Speaking to Mortgage Business' sister title The Adviser, Mr Matthews explained that he and AFG managing director Brett McKeon were in Sydney last week to meet new Westpac chief executive Brian Hartzer.

“We both walked into their offices on Kent Street together and somebody must have seen us and speculated,” he said.

“There is no truth to the speculation that Westpac are ‘running a ruler’ over AFG. If there was, we would probably be under some confidentiality clause and wouldn’t be able to talk about it anyway.

“It is pure speculation. None of it has come from us. We were as surprised as anyone else when they printed the story, because the AFR did call me and asked me about it.

“I told them nothing was going on and they still went ahead and printed the story the next day, which I thought was pretty strange.”

Westpac was not available for comment by Mortgage Business' deadline.

AFG responds to acquisition rumours
mortgagebusiness

 

Latest News

The newly instated BOQ CEO has committed to revamping the bank’s home lending business amid a “disappointing” FY19 result. ...

The chairman and CEO of a non-major bank has called for an end to political “point scoring” at the expense of Australia’s banking syst...

The value of home loans taken out by investors has increased 11.6 per cent in the three months ending August 2019, according to a CoreLogic ...

FROM THE WEB
podcast

LATEST PODCAST: Mortgage pricing and product switching

Do you think the mortgage market will see more consolidation this year?

Website Notifications

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