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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.
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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.