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Australia : FINSURE buys aggregator LOANKIT from MORTGAGE CHOICE.

Retail finance brokerage Finsure has bought mortgage aggregator LoanKit from ASX-listed Mortgage Choice for an undisclosed sum.

According to Finsure managing director John Kolenda, the purchase of LoanKit supplied Finsure with both the broker numbers and market strategy to now easily break into the top five brokerages within five years.

The joint scale of Finsure and LoanKit boosted broker numbers to over 500, with a loan book of nearly $4 billion, said Mr Kolenda.

He said: "Joining forces with LoanKit makes sense as the businesses share the same philosophy in terms of value and service and it puts us in great position for future growth and delivering greater value to brokers and customers."

Mr Kolenda added: "We were very impressed by the historical performance of the team at LoanKit and think the businesses are a great fit for one another. It will be business as usual for both teams.

"Nothing really changes for LoanKit brokers except for broader business opportunity. They will enjoy the same benefits as Finsure brokers including brand, technology and commissions as well as our expansion plans into the broader financial services space," he also said. "They will benefit from access to a much bigger team and the broader benefits and economies of the scale of the combined group. Finsure brings branding, lead generation, traditional marketing and digital marketing expertise."

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Publication:Mena Report
Date:Aug 23, 2013
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