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.

(Businesswire)

ENDS

© Scoop Media

 
 
 
Top Scoops Headlines

 

Reese Erlich: Foreign Correspondent: Trump Plays Both Sides Against The Middle

Is he a hawk? Is he a peacenik? The President keeps us guessing . By Reese Erlich President Donald Trump has convinced Republican isolationists and hawks that he supports their views. That’s a neat trick, since the two groups hold opposing positions. ... More>>

Binoy Kampmark: Waiting For The Old Bailey: Julian Assange And Britain’s Judicial Establishment

On September 7, Julian Assange will be facing another round of gruelling extradition proceedings, in the Old Bailey, part of a process that has become a form of gradual state-sanctioned torture. The US Department of Justice hungers for their man. The More>>



Gordon Campbell: On The Sorry Plight Of The International Education Sector

Tourism and international education have been two of the sectors hardest hit by the pandemic. They’re both key export industries. Yet the government response to them has been strikingly different. There has been nothing beyond a few words of ministerial condolence and a $51.6 million package (details below) to get the sector through the pandemic...
More>>

Binoy Kampmark: Google’s Open Letter: Fighting Australia’s News Media Bargaining Code

Tech giants tend to cast thin veils over threats regarding government regulations. They are also particularly concerned by those more public spirited ones, the sort supposedly made for the broader interest. Google has given us an example of this ... More>>


Gordon Campbell: On Trump’s Current Chances Of Re-Election

By now it seems clear that National have no fresh ideas to offer for how New Zealand could avoid the Covid-19 economic crisis. As in the past, National has set an arbitrary 30% ratio of government debt to GDP that it aims to achieve “in a decade or so,” ... More>>

The Conversation: Rogue Poll Or Not, All The Signs Point To A Tectonic Shift In New Zealand Politics

Richard Shaw AAP(various)/NZ Greens (CC-BY-SA)/The Conversation Strong team. More jobs. Better economy. So say the National Party’s campaign hoardings. Only thing is, last Sunday’s Newshub-Reid Research poll – which had support for the Labour ... More>>

The Coronavirus Republic: Three Million Infections And Rising

The United States is famed for doing things, not to scale, but off it. Size is the be-all and end-all, and the coronavirus is now doing its bit to assure that the country remains unrivalled in the charts of infection . In time, other unfortunates may well ... More>>

Binoy Kampmark: Altars Of Hypocrisy: George Floyd, Protest And Black Face

Be wary what you protest about. The modern moral constabulary are out, and they are assisted by their Silicon Valley friends in the Social Media club. Should you dare take a stand on anything, especially in a dramatic way, you will be found out ... More>>