AMP Bank Buys Nano Home Loan Book Bank has taken steps to enhance its digital mortgage offerings by acquiring the residential mortgage portfolio of Australian fintech Nano. Nano has been instrumental in AMP Bank’s digital retail mortgage initiative, designed to offer rapid home loan approvals.Thank you for reading this post, don’t forget to subscribe!
With this acquisition, AMP Bank is incorporating Nano’s residential mortgage portfolio, which amounts to over $400 million in loans, into its existing residential mortgage book. Nano’s customers are expected to transition to AMP Bank on March 27, 2023, maintaining comparable products and their current interest rates. These customers can still access their home loans through the existing Nano mobile app.
AMP Bank Buys Nano Home Loan Book:
This strategic move allows Nano to focus on its role as a provider of financial services technology, while AMP Bank strengthens its position in the mortgage market. Nano’s mortgage portfolio primarily consists of owner-occupied, principal and interest loans with a strong credit quality.
Sean O’Malley, AMP Bank’s Group Executive, highlighted that this acquisition aligns well with their strategy, given the existing relationship with Nano. He emphasized the importance of growing the bank’s direct-to-customer channel and considering acquisition opportunities that make strategic sense while maintaining a high-quality loan book.
In addition to this acquisition, AMP Bank is also collaborating with Australian proptech firm Bricklet to assist Australians in entering the property market more quickly.