The Commonwealth government will introduce a "responsible lending test" to the consumer credit code next year according to sources. Under the new rules, lenders.....
GE Money has confirmed speculation that it is looking to sell its Wizard Home Loan subsidiary but denied that it would have to be done as a "fire sale". CEO of GE Money Australia and New Zealand, Mike Cutter, said that they expected to receive more than the $500 million price paid for the business in 2004. "We think there has been a significant amount of equity built over the four years we've owned the business. Consequently we would expect to see a return on that investment," he said. According to Mr Cutter GE Money will consider a strategic partnership, joint venture or sale in order to focus its capital on segments that can generate higher returns and are more aligned to the company's core strengths.
