Firstfolio on the move

 February 01, 2010

Listed financial services group Firstfolio kicked off 2010 on the front foot having completed three acquisitions and signed off on a major distribution deal. Two acquisitions – First Chartered Capital (a $3.5bn loan portfolio and 35 retail franchise outlets) and Loan Services Australia ($2bn in mortgage managed loans) – were completed just before Christmas, while the third, that of Xplore Capital’s $400m mortgage-managed book was due to be completed in the early part of 2010. The settlement of $5.5bn worth of loan acquisitions (First Chartered and LSA) took the fast-expanding group’s mortgage managed and aggregation porttblio to $18bn. The First Chartered acquisition gives Firstfolio access to SMEs along the eastern seaboard with franchise owners seeing “an increase in demand for finance”…Read More