Bourse Bags 10pc Of Loan Broker
Sydney Morning Herald
Friday February 11, 2000
Online financial services company Bourse Data itself a takeover target, of the St George Bank has bought a 10 per cent stake in Mortgage Choice ahead of the home loanbroker's float later this year.
Bourse has issued about 3.8 million shares, worth about $11 million, to Mortgage Choice as part of its plan to turn the broker's Web site into St George Bank's financial services portal.
Bourse has an agreement with St George that gives the bank an option to acquire up to 70 per cent of the company for $240 million over the next three years.
Mortgage Choice is a home loan broker that allows customers to choose from about 20 different banks. It has about 190 franchised outlets and makes its money by collecting a commission from the banks.
Bourse shares fell 15c to $2.90.
© 2000 Sydney Morning Herald