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Article: GE to unleash mortgage beast: the Australian home lending market is poised to enter a new level of competition with GE Money becoming a major competitor to the top five banks through its $400 million-plus acquisition of the Wizard Home Loans brand.(News)(GE Money Australia & New Zealand)
- Article from:
- Australian Banking & Finance
- Article date:
- November 17, 2004
- Author:
CopyrightCOPYRIGHT 2004 First Charlton Communications Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GE HAS LONG BEEN TOUTED AS the company most likely to issue a real challenge to Australia's incumbent heavyweights and its move into the mortgage space is widely seen as the precursor to action not seen since Aussie Home Loans turned the market on its head in 1992.
GE has more financial clout than any new player in the mortgage market and will now use this position to build market share and pursue other opportunities through the Wizard brand. Ultimately though, management expects the GE Money brand to stand alongside our national, financial services icons --and it is difficult to find anyone in the industry who doubts the potential of the brand name.
Six ...