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Commonwealth Bank is negotiating to buy up to 40 per cent of John Symond's Aussie Home Loans as it seeks to shore up its position as Australia's biggest bank. The deal is said to value Aussie at around $200 million. Westpac bought the other big non-bank pioneer RAMS last October. GE has put Wizard up for sale for about $250 million. Aussie was formed 15 years ago in Sydney's western suburbs by John Symonds, who still owns all the shares. He made a name for himself and a brand for the company by consistently criticising bank margins. Aussie has 600 advisors and 25 retail shop fronts. More than 90 per cent of mortgage revenue into Aussie now comes from broking rather than direct lending. Commonwealth is also believed to be interested in acquiring BankWest from HBOS but is not proceeding with a proposed deal to buy ABN AMRO Australia.
