BNK launches review after ‘unsolicited approaches’

BNK has revealed that it is undertaking a strategic review of its operations, with the goal of maximising shareholder value.

The review will include an assessment of all strategic options available to BNK.

It has followed the “receipt of several unsolicited approaches from interested parties”, the bank said in a statement.

There are no assurances that the board will decide to pursue any transaction or transactions as a result of the assessment.

BNK declined to give further comment when contacted by Mortgage Business.

The group recently posted its 2021 financial year results, revealing its aggregator business Finsure grew its mortgage broker force by 22 per cent, to a total of 2,005 brokers at the end of June.

BNK on the other hand, increased its loan book by 23.2 per cent during the year, landing at $59.1 billion at the end of June.

Of the book, $499.2 billion had come from the banking business, surging by 75.3 per cent from the year before, while $56.6 billion came from Finsure (24.5 per cent more year-on-year).

The group’s net profit came to $9.6 million for the year, 43 per cent more than FY20.

BNK chair Don Koch commented: “As evidenced by our recent FY21 results, BNK is well positioned to continue delivering on its strong organic growth path and this review will consider all options to enhance that growth trajectory.”

The company has engaged Gresham and Mills Oakley as financial and legal advisers to assist with the review process.

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