Business
MAB Australia: new joint venture partner
MAB Australia: new joint venture partner.
About this update from Mortgage Advice Bureau (holdings) Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3692A\n Mortgage Advice Bureau(Holdings)PLC\n 29 September 2020\n \n \n \n \n 29 September 2020\n \n \n Mortgage Advice Bureau (Holdings) plc\n \n \n (\"MAB\" or the \"Group\")\n \n \n MAB Australia: new joint venture partner\n \n \n Mortgage Advice Bureau (Holdings) plc (AIM: MAB1.L) is pleased to announce that Australian Finance Group Ltd (\"AFG\") is to become the Group's new joint venture partner for MAB Broker Services Pty Ltd (\"MAB Broker Services\") in Australia. \n \n \n This very exciting development will be a real step change in MAB's Australian operations. Leveraging AFG's market leading infrastructure as well as our unique proposition and lead generation strategy will allow our joint venture to scale its presence in Australia and attract the best brokers into our differentiated business model. \n \n \n Following completion of the joint venture agreements and AFG's investment in MAB Broker Services, MAB and AFG will have an equal shareholding in MAB Broker Services, which trades as Mortgage Advice Bureau. Completion is subject to approval from the Australian Foreign Investment Review Board, and this is expected in the next few weeks.\n \n \n Peter Brodnicki, MAB's CEO, said:\n \n \n \"We are really looking forward to working with David Bailey and his team at AFG. Our Groups share a common track record of growth and innovation as well as a common vision based on differentiation.\n \n \n \"Our new joint venture partner provides MAB Broker Services with the optimal platform for growth in Australia, with our UK model now adapted, tested and proven in this market. In partnering with AFG we are well positioned to leverage our respective expertise to create a unique, market leading proposition for Australia.\" \n \n \n David Bailey, AFG's CEO, outlined the reasoning behind the investment: \n \n \n \"AFG is investing in the broker channel because we believe in it. MAB operate a highly successful operation in the UK, and we are very pleased to be able to invest in their business as they seek to grow their footprint here in Australia.\n \n \n \"As a company that successfully operates in a jurisdiction different to Australia, we also see the mutual benefit of identifying best practice between the companies which will ultimately improve both organisations and the overall broker proposition. \...