Gold Coast non-bank lender Iden Group is merging with Queensland-based mortgage manager Future Financial as the Australian non-bank sector continues to undergo significant consolidation in the face of increased competition and record low interest rates.
According to Iden Group CEO Barrie Gaubert, the 'incredible synergies' between the two companies are one of the key reasons for the merger.
"It goes without saying that this merger opens up a lot of doors for both of our groups. One particular area, where we have the most to gain are the operations of both businesses," Gaubert said in a press release. "By combining the skills of our talented operational teams, we will speed up our processes and further enhance the customer experience."
Future Financial general manager Troy McLachlan shares the same views as Gaubert.
"It's clear to see that Future Financial and Iden Group have a lot in common. We both offer market leading products, we are both profitable businesses, we have strong reputations around the country, and we both place customer service as our number one priority. Most importantly, we have similar strategic directions for the foreseeable future," McLachlan said. "A merger will allow both Future Financial and Iden Group to take advantage of new market segments and grow the businesses much faster than if we were apart."
The merger, which took effect last August 8, comes just a couple of weeks after non-bank lender Homeloans Limited announced plans for a merger with RESIMAC, creating a combined mortgage portfolio of approximately $13 billion.
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