ANZ agrees to sell Origin to Columbus Capital
ANZ today announced it has agreed to sell its wholesale mortgage distribution business, Origin Mortgage Management Services (Origin), to Columbus Capital.
Origin provides funding for approximately $2.2 billion of residential mortgages through a network of Mortgage Managers who originate and manage the mortgages under their own brands.
The sale is consistent with ANZ's focus on the growth of its own branded mortgage products and its disciplined approach to capital management.
ANZ has agreed to provide transitional services to Columbus Capital for up to 12 months following completion of the sale and the effect on existing borrowers funded by Origin is expected to be minimal.
Established in 2006, Columbus Capital is a diversified non-bank financial group focused on mortgage lending and funds management.
The transaction is not material to ANZ and is expected to complete in the coming weeks. The terms of the sale were not disclosed.