Auswide Bank sells stake in MoneyPlace, only two years after investing in online lender
Bundaberg-based bank Auswide is offloading its 62 per cent stake in online lender MoneyPlace only two years after making an investment to “take a position” in the hi-tech sector.
The bank said the sale would boost full-year results, and now was “the right time to realise our investment”.
Neither the price nor a detailed rationale were revealed, and Auswide had not flagged a sale in recent results.
MoneyPlace is a peer-to-peer lender whose online website offers personal loans from $5000 to $45,000 at rates starting at 7.65 per cent.In December 2015, Auswide decided to take an equity stake as well as offer funding for MoneyPlace loans. Auswide will keep funding loans.
MoneyPlace chief executive Stuart Stoyan told The Courier-Mail the relationship with Auswide had been excellent, and there had been no tensions. The tie-up had demonstrated a regulated bank could boost consumer loan growth with a new-style lender, he said.
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