Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search


National Australia in talks to acquire Wizard

National Australia in talks to acquire Wizard

Dec. 17 - National Australia Bank is in talks to acquire the brand and Australian distribution network of non-bank finance company Wizard.

Australia’s biggest lender is also in the final stages of negotiating to acquire up to A$4 billion of Wizard originated prime mortgages. The mortgage portfolio comprises prime mortgages with a maximum loan-to-valuation ratio of 90% and is 100% mortgage insured, it said in a statement.

The bank said the purchase price isn’t material and won’t impact materially on NAB’s Tier 1 capital ratio. Funding requirements associated with the mortgage portfolio can be accommodated within NAB’s existing funding plans for the 2009 financial year, it said.

The negotiations are well advanced, though a final decision on the deal hasn’t been made yet, NAB said. Shares of the bank rose 1.3% to A$19.45 in early trading on the ASX. It has declined 51% in the past 12 months.



© Scoop Media

Top Scoops Headlines


Any Questions: Scoop Launches New Q&A Website

It’s an easy way to find out party positions and allows you to view candidates’ answers side by side. It’s also a way for you to make your voice heard this election, and get the parties talking about the things that are important to you. More>>


Scoop HiveMind Project: Universal Basic Income - Are We Up For It?

This is an opportunity for you as one of the 4 million potential funders and recipients of a Universal Basic Income to collectively consider the issue:
1. Is UBI is a desirable policy for New Zealand; and
2. How should a UBI system work in practice. More>>


Lyndon Hood: National Announces Plan To Hit Youth With Big Mallets

The National party has announced its youth justice policy, which includes a controversial plan for recidivist serious youth offenders to be hit over the head with a comically large rubber mallet. More>>


Lyndon Hood: This ->

It's been brought to my attention that Labour's new campaign slogan is "Let's do this". A collective call to action. A mission. I myself was halfway out of the couch before I realised I wasn't sure what it was I was supposed to do. More>>


Scoop Hivemind Report: What New Zealanders Think About Affordable Housing

Ordinary citizens have had very few venues where they can debate and discuss as to what they believe has led to the crisis in affordable housing and how we might begin to address this. The HiveMind on affordable housing was about redressing the balance. More>>


New Hivemind Exploration: Opening The Election - Freshwater Quality

This is an opportunity for you as one of the 4 million guardians of our common water resources to help us find mutually agreeable solutions to the critical task of collectively managing these resources for health and sustainability. More>>