(24 September 2012 – Australia) ANZ has offloaded its wholesale mortgage distribution business for an undisclosed amount, closely following the selling of its shares in global payments group Visa last week.ANZ sold Origin Mortgage Management Services to Sydney-based mortgage funding business Columbus Capital.
Both sales have been triggered in part by the introduction of tough new rules that require banks to hold more levels of capital.
Origin provides funding for about A$2.2 billion of residential loans through a network of mortgage managers under their own brands.
”The sale is consistent with ANZ’s focus on the growth of its own branded mortgage products and its disciplined approach to capital management,” the bank said in a statement.
ANZ will provide transitional services to Columbus Capital for up to 12 months following completion of the sale.
The impact on existing borrowers funded by Origin is expected to be minimal, the bank said. Established in 2006, Columbus Capital is a diversified non-bank financial group focused on mortgage lending and funds management.