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Money3 Announces to Acquire GMF Australia's Loan Book and Increases FY 2021 Guidance

18 Jan 2021  |  08:34:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: GMFA acquisition and guidance increase

Money3 announced that it has entered into an agreement to acquire GMF Australia (GMFA), a subsidiary of General Motors Financial Company, consisting of a portfolio of 700 automotive loans for new vehicles. The transaction is expected to settle in February 2021. The acquisition increases the Group's automotive loan book by $23m whilst the prime credit quality customer database will facilitate growth of the Group's Automotive Financial Services (AFS) business. GMFA will be absorbed by the Group's market Customer Care operation with minimal increase in ongoing operational expenses.

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