(30 March 2011 – Australia) GE Money is reportedly looking for buyers for its remaining $5 billion Australian mortgage book.According to the Sydney Morning Herald, the Commonwealth Bank of Australia is thought to have issued an indicative bid for the lending book.
In addition, a consortium backed by NAB is also thought to have put its hand into the ring.
NAB is thought to have teamed with Alceon, the private investment vehicle backed by the former Babcock & Brown chief executive Phil Green, as well as several executives linked to the collapsed infrastructure financing house.
GE Money abruptly exited the mortgage market in late 2008, dealing a body blow to the industry.
The financial heavyweight unceremoniously dumped every aggregator panel and continues to maintain it has no plans to re-enter the mortgage market.