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The sale of Wizard Home Loans will not affect GE Money’s third party business, according to a statement issued to the mortgage industry yesterday afternoon.
In the communication Mark Rice, managing director of GE Money Third Party Solutions, confirmed that GE is “considering strategic options for Wizard Home Loans, including a possible sale”.
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But while GE Money looks set to offload its retail business Wizard Home Loans, Mr Rice stressed the lender would “remain committed” to the third-party channel.
“GE Money has provided home loans to the Australian market for 40 years and it will continue this commitment,” Mr Rice said.
“Our focus remains on providing our partners and customers with competitive products matched with a solid service proposition.”
GE Money acquired Wizard Home Loans and AFIG Wholesale in 2004 for a reported $500 million. The lender is reportedly looking for a return on its initial investment should it decide to sell.
Published: 28-05-08
