BNK Banking Corporation Limited sells Finsure to MA Financial Group Ltd

Aura Group is pleased to report the sale of Finsure by BNK Banking Corporation Limited to MA Financial Group Ltd for cash consideration of $151.6m



Aura Group is pleased to report the sale of Finsure by BNK Banking Corporation Limited (ASX:BBC) to MA Financial Group Ltd (ASX:MAF) for cash consideration of $151.6m. Regulatory approvals from APRA for the sale was received in mid January with the sale expected to complete on 7 February 2022.

Finsure was co-founded by Aura Group Chairman John Kolenda and Managing Director Calvin Ng in 2011 and has grown to be a top 4 mortgage broking aggregator with over 2,000 brokers, 60.8b loan book and a national distribution footprint with a market leading technology suite. Aura Group was an early advisor to Finsure Group including its merger with ASX listed Goldfields Money in 2018 which has since rebranded BNK Banking Corporation (ASX:BBC).

“It’s genuinely rewarding after 10 years of hard work to achieve such an incredible outcome for shareholders, staff and our brokers.” Calvin Ng said.

While Finsure has been growing strongly, the opportunity to be part of MAF, a larger and more diversified financial services group, will accelerate Finsure’s ability to grow its presence in the Australian financial services market.

MAF is a diversified financial services company with activities in asset management, lending, corporate advisory and equities. MAF has a market capitalisation of around $1.4 billion and over $6 billion in assets under management.

Proceeds from the sale are expected to be $151.6 million subject to adjustments before costs and taxes.

As part of its ongoing strategic review, the Board of BNK is evaluating a range of capital management options to utilise these proceeds efficiently. It is currently anticipated that a distribution in respect of a material portion of these proceeds will be made to shareholders.

The strategic review for BNK’s remaining businesses is ongoing.

Important information

This information is for accredited, qualified, institutional, wholesale or sophisticated investors only and is provided by Aura Group and related entities and is only for information and general news purposes.  It does not constitute an offer or invitation of any sort in any jurisdiction. Moreover, the information in this document will not affect Aura Group’s investment strategy for any funds in any way. The information and opinions in this document have been derived from or reached from sources believed in good faith to be reliable but have not been independently verified. Aura Group makes no guarantee, representation or warranty, express or implied, and accepts no responsibility or liability for the accuracy or completeness of this information. No reliance should be placed on any assumptions, forecasts, projections, estimates or prospects contained within this document. You should not construe any such information or any material, as legal, tax, investment, financial, or other advice. This information is intended for distribution only in those jurisdictions and to those persons where and to whom it may be lawfully distributed. All information is of a general nature and does not address the personal circumstances of any particular individual or entity. The views and opinions expressed in this material are those of the author as of the date indicated and any such views are subject to change at any time based upon market or other conditions. The information may contain certain statements deemed to be forward-looking statements, including statements that address results or developments that Aura expects or anticipates may occur in the future. Any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected in the forward-looking statements. This information is for the use of only those persons to whom it is given. If you are not the intended recipient, you must not disclose, redistribute or use the information in any way.

Aura Group subsidiaries issuing this information include Aura Group (Singapore) Pte Ltd (Registration No. 201537140R) which is regulated by the Monetary Authority of Singapore as a holder of a Capital Markets Services Licence, and Aura Capital Pty Ltd (ACN 143 700 887) Australian Financial Services Licence 366230 holder in Australia.


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