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ABN Amro moves into Australian mortgages

ABN Amro moves into Australian mortgages

(Australia) - Dutch banking giant ABN Amro has moved into the Australian retail mortgage market with a deal to take a 25 percent stake in Sydney-based Wizard Mortgage Corp. The deal will see ABN Amro take its Wizard stake in exchange for folding its 50 percent stake in wholesale mortgage operation Australian Mortgage Services (AMS) unit into Wizard itself.

AMS currently provides wholesale mortgage funding to Wizard and other originators, and funds mortgages worth around A$500 million a month.

Other Wizard shareholders - who will all hold 25 percent after the ABN Amro deal - are Kerry Packer's eCorp, Deutsche Asset Management, and State Capital Corp, the company of Wizard founder Mark Bouris.

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