Loan Market Group acquires NAB broking business
Norton Rose Fulbright has advised Loan Market Group on its acquisition of NAB’s broker aggregation businesses.
Firm: Norton Rose Fulbright (Loan Market Group).
Deal: Global law firm Norton Rose Fulbright has advised Loan Market Group on its agreement to acquire National Australia Bank’s finance broker aggregation businesses comprising PLAN Australia, Choice and FAST (PCF).
Area: M&A, banking and finance.
Key players: Norton Rose Fulbright corporate partner Marshall Bromwich led a national cross-practice team including partners Ka-Chi Cheung (corporate), Martin Osborne (employment and labour), Claire Forster (competition), Georgina Hey (intellectual property), Chris Patten (banking and finance) and Tim Mornane (banking and finance).
The team was also supported by special counsel Lawry Brownlie, senior associates Amelia Williams, Charlotte van Beek and Alyson Poole, and associates Ellen Whittred, Laura Martin, Neil Nguyen, Amy Parry, Kirsty Farmer and John Azzopardi.
Deal significance: PCF is the largest wholesale aggregator group in Australia with a community of thousands of mortgage and finance brokers.
The sale was announced on November 12, 2020 and marks a transformational shift for the family-owned Loan Market Group, significantly bolstering its broker numbers, particularly in the wholesale aggregation sector.
The firm advised Loan Market Group on all aspects of the transaction including due diligence, drafting and negotiation of transaction documents and advising on the financing arrangements.
“With the Reserve Bank of Australia cutting interest rates to historic lows last week, the Australian broking industry continues to benefit from strong demand by borrowers looking to renegotiate loans or find new financial solutions,” Mr Bromwich said.
“Loan Market Group’s acquisition of the PLAN Australia, Choice and FAST businesses will enable the Loan Market Group to continue to invest in technology and business support to better connect consumers with the brokers and financial solutions that best meet their needs.”