Wizard brand set for retirement
(2 February 2009 – Australia) After being purchased by Aussie Home Loans late last year, the Wizard brand is set to be phased out of use.
The Australian Financial Review reported that the brand made famous by founder Mark Bouris will soon cease to exist as it becomes integrated into the Aussie Home Loans business controlled by John Symond and backed by CBA.
The AFR said that Symond has told Wizard staff that he plans to rebrand the Wizard distribution network in an attempt to rescue the ailing business.
Over recent times, the Wizard brand has taken a hit due to the troubles of former owners GE Money.
Wizard customers were also heavily effected by above average interest rates set by GE Money because of the impact the bank felt due to the global financial crisis.
The decision is therefore effectively an expansion of the Aussie Home Loans brand, with the acquisition of some 160 franchise outlets and 300 mortgage advisers.
Aussie paid A$26 million for the brand and retail distribution network, far less than the A$400 million that Bouris received from GE Money in 2004.
The AFR said that Symond has told Wizard staff that he plans to rebrand the Wizard distribution network in an attempt to rescue the ailing business.
Over recent times, the Wizard brand has taken a hit due to the troubles of former owners GE Money.
Wizard customers were also heavily effected by above average interest rates set by GE Money because of the impact the bank felt due to the global financial crisis.
The decision is therefore effectively an expansion of the Aussie Home Loans brand, with the acquisition of some 160 franchise outlets and 300 mortgage advisers.
Aussie paid A$26 million for the brand and retail distribution network, far less than the A$400 million that Bouris received from GE Money in 2004.
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