Mortgage Advice Bureau(Holdings)PLC MAB Australia: new joint venture partner
September 29 2020 - 2:00AM
RNS Non-Regulatory
TIDMMAB1
Mortgage Advice Bureau(Holdings)PLC
29 September 2020
29 September 2020
Mortgage Advice Bureau (Holdings) plc
("MAB" or the "Group")
MAB Australia: new joint venture partner
Mortgage Advice Bureau (Holdings) plc (AIM: MAB1.L) is pleased
to announce that Australian Finance Group Ltd ("AFG") is to become
the Group's new joint venture partner for MAB Broker Services Pty
Ltd ("MAB Broker Services") in Australia.
This very exciting development will be a real step change in
MAB's Australian operations. Leveraging AFG's market leading
infrastructure as well as our unique proposition and lead
generation strategy will allow our joint venture to scale its
presence in Australia and attract the best brokers into our
differentiated business model.
Following completion of the joint venture agreements and AFG's
investment in MAB Broker Services, MAB and AFG will have an equal
shareholding in MAB Broker Services, which trades as Mortgage
Advice Bureau. Completion is subject to approval from the
Australian Foreign Investment Review Board, and this is expected in
the next few weeks.
Peter Brodnicki, MAB's CEO, said:
"We are really looking forward to working with David Bailey and
his team at AFG. Our Groups share a common track record of growth
and innovation as well as a common vision based on
differentiation.
"Our new joint venture partner provides MAB Broker Services with
the optimal platform for growth in Australia, with our UK model now
adapted, tested and proven in this market. In partnering with AFG
we are well positioned to leverage our respective expertise to
create a unique, market leading proposition for Australia."
David Bailey, AFG's CEO, outlined the reasoning behind the
investment:
"AFG is investing in the broker channel because we believe in
it. MAB operate a highly successful operation in the UK, and we are
very pleased to be able to invest in their business as they seek to
grow their footprint here in Australia.
"As a company that successfully operates in a jurisdiction
different to Australia, we also see the mutual benefit of
identifying best practice between the companies which will
ultimately improve both organisations and the overall broker
proposition.
"Like in the UK, MAB Australia will focus on partnering with the
most successful and forward-thinking advisers and firms looking to
achieve strong growth. I have no doubt that MAB's strategic partner
approach will generate a great deal of interest from brokers and
will be very well received, and we look forward to being a part of
it."
For further information please contact:
Mortgage Advice Bureau (Holdings) plc Tel: +44 (0) 1332 525007
Peter Brodnicki - Chief Executive Officer
Ben Thompson - Deputy Chief Executive
Officer
Lucy Tilley - Chief Financial Officer
Numis Securities Limited (NOMAD and Broker) Tel: +44 (0)20 7260
1000
Stephen Westgate / Hugo Rubinstein (Corporate
Finance)
Media Enquiries:
investorrelations@mab.org.uk
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END
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