Four eyes on Wizard
(15 July 2008 – Australia) Wizard has ignited suggestions of its own sale by suggesting that each of the Big Four banks have an eye on the lender.
Wizard chairman and founder, Mark Bouris said that Wizard Home Loans could become a takeover target as they tussle to increase their share of the mortgage market.
Four years after it bought the company off Bouris, current owner GE Money is considering its options, including putting the lender up for sale. GE bought the company for an estimated $500 million.
Bouris, who put himself out of the running to buy back the company he founded, said that most of the banks had shown some interest. He said that he couldn’t remember if all had shown interest, but some certainly had.
He added that because of current market conditions, the majority of non-bank home lenders had been forced from the market, except Wizard.
He concluded that this meant that Wizard would be a key to any of the big banks gaining significantly in market share.
Bouris added that a bank acquiring Wizard meant they could scale up the funding mechanism they already had in place for their own-branded home loans.
Four years after it bought the company off Bouris, current owner GE Money is considering its options, including putting the lender up for sale. GE bought the company for an estimated $500 million.
Bouris, who put himself out of the running to buy back the company he founded, said that most of the banks had shown some interest. He said that he couldn’t remember if all had shown interest, but some certainly had.
He added that because of current market conditions, the majority of non-bank home lenders had been forced from the market, except Wizard.
He concluded that this meant that Wizard would be a key to any of the big banks gaining significantly in market share.
Bouris added that a bank acquiring Wizard meant they could scale up the funding mechanism they already had in place for their own-branded home loans.
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