back Back

AMP Bank acquires Nano’s home loan book

By Leandra Monteiro

January 31, 2023

  • Acquisition
  • AMP Bank
  • Australia
Share

AMP Bank, NanoAMP Bank announced the acquisition of Nano’s residential mortgage portfolio, adding approximately A$400 million in loans to AMP Bank’s residential mortgage book.

The acquisition continues to support the growth of AMP Bank while maintaining the high-credit quality of the mortgage book. Nano’s mortgage book consists of primarily owner-occupied, principal and interest loans, with strong credit quality.

The agreement also delivers on Nano’s strategy to focus on being a provider of technology to financial services companies rather than a home loan provider.

Nano customers will transition to AMP Bank in March 2023 on a comparable product and maintain their current interest rate.

In 2022, the Bank partnered with Nano to deliver its digital mortgage offering and continues to work with FinTech to extend the offer this year.

Sean O’Malley, AMP Bank, Group Executive said, “We’re pleased to welcome Nano’s customers to AMP Bank, and we look forward to continuing to support them with competitive interest rates, strong customer service, and provide access to more banking products to help them achieve their goals.

“The continued strong growth of AMP Bank has been largely organic, driven by investments in our service, digital capabilities and competitive offers to attract new customers, particularly through the mortgage broker channel. However, in line with our objective to grow the bank and increase our direct-to-customer channel, we will continue to consider acquisition opportunities where they make strategic sense and maintain the high quality of our loan book.”

“Given our existing partnership with Nano to deliver one of the first true end-to-end digital mortgages, and the detailed understanding of their business, the opportunity to acquire their direct to customer loan book aligned well with our strategy.”

Previous Article

January 31, 2023

ATB Financial adopts smartTrade’s FX Solution

Read More
Next Article

January 31, 2023

Worldline extends card processing partnership with ING bank

Read More








IBSi Daily News Analysis

South East Asia

February 28, 2024

Acquisition

FinTech penetration in Southeast Asia will double by 2027, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Experian credit reports to include Apple Pay Later loan information

Read More

February 29, 2024

Barclays to sell $1.1b worth US credit card debt to Blackstone

Read More

February 29, 2024

5 FinTech platforms offering SME Loans in Australia

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023