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After months of speculation, Macquarie Bank has finally revealed the name of its new mortgage aggregator.
Trading under Vow Financial, the new group will bring together three existing businesses including The Mortgage Professionals, National Brokers Group and The Brokerage.
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It will be the country’s fifth largest aggregator and will create a national network of more than 900 brokers that collectively have loans under management of about $16 billion.
Speaking to The Australian Financial Review yesterday, Mr Zulman said the formation of a new aggregator was essential for the survival of the smaller broker businesses involved.
“Industry consolidation will continue and is necessary for the survival of some smaller brokers. This deal was necessary for three smaller businesses to take the next step [in competition],” he said.
Macquarie will hold less than a 20 per cent stake in Vow with a 75 per cent stake held by the mortgage aggregator principals and 5 per cent by Mr Zulman.
