The Commonwealth Bank of Australia (CBA) is allegedly in discussions to purchase the remaining 20% share of Aussie Home Loans.
According to the Australian Financial Review’s column Street Talk, the bank is working towards 100% ownership of the franchise with the final price to be based off Aussie’s performance and profits for the year to 30 June.
The 20% claimed to be on the line is now owned by Aussie Home Loans’ founder John Symond. CBA last expanded its share of Aussie in December 2012 when it increased its shareholding from 33% to 80% for an undisclosed amount.
In an interview last September, Symond confirmed to The Australian that he would be stepping back from his role as a fulltime executive at Aussie this year.
“John and wife Amber plan to spend more time overseas after his fulltime role as executive chairman of Aussie Home Loans is completed in the second half of 2017,” a spokesperson told the publication.
Both CBA and Aussie declined to comment when approached by Australian Broker yesterday (22 March).
