AMP Bank today announces 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, AMP Bank partnered with Nano to deliver its digital mortgage offering and continues to work with the 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.”
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517