GE Money said its talks with National Australia Bank (NAB) over a potential sale of Wizard Home Loans are not exclusive.
The group confirmed on Wednesday that other parties are involved in discussions to acquire the mortgage lender from GE Money, which acquired Wizard in 2004.
“NAB is one of the parties we are in discussions with,” […]

The US central bank has cut its key interest rate from 1% to a record low ranging from zero to 0.25% in an aggressive attempt to tackle recession and lift the economy.
The Federal Reserve predicts that rates will remain at this exceptionally low level “for some time”.
It cited a deteriorating labor market; tight credit conditions […]

National Australia Bank (NAB) says it is in advanced talks to purchase the brand name and Australian distribution network of Wizard Home Loans for an undisclosed price.
The bank said the purchase price would have no material impact on its tier 1 capital ratio.
NAB said it also was negotiating to acquire up to $4 billion of […]

A Canberra lawyer who won the right to serve legal documents on two defendants via Facebook says courts around the country will follow his lead.
In what he believes is a world first, lawyer Mark McCormack tracked down a couple who had defaulted on a six-figure loan using the internet and served them with a default […]

Wizard Home Loans, which once claimed to be New Zealand’s fastest growing alternative home lender, is the latest casualty of the global financial crisis.
Owner GE Money said it was closing the business. GE had previously announced it was ceasing offering home loans through third parties and was exiting the motor finance and small business financing […]