Listed investment company NZF says it has sold its half share in Mike Pero Mortgages (MPM) to its joint venture partner Liberty Financial.
While it is unclear where MPM will go under its new ownership Liberty says full ownership will "allow MPM to fulfil a broader range of financial needs for its customers while having access to strong institutional support."
“With Liberty’s support we will be able to offer our valued customers a more extensive range of home loans alongside personal loans, insurance, savings, KiwiSaver and real estate," MPM manager general business Ruth Gardiner says. "We will also remain locally managed by the same strong team.”
“With Liberty’s financial backing and experience, MPM and its national network of advisers will be in an even stronger position to better meet the broad needs of its customers today and well into the future”, Gardiner says.
Mike Pero was established in 1991 and has been one of this country's largest mortgage broking companies, writing around $800 million in mortgages last year.
Liberty is a large non-bank lender based in Melbourne which has operated in New Zealand for many years, primarly offering non-prime loans.
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