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AMP sells banking business

Tuesday, April 15th 2003, 7:43AM
AMP has reached an agreement to sell its $3.1 billion Australian and New Zealand loan book to HSBC for undisclosed.

The portfolio includes New Zealand residential mortgages, and Australian and New Zealand property finance loan assets.

AMP has been unhappy with the amount of capital required to support the business.

The four-year-old operation used the Internet and telephone banking as distribution channels and had no branches in New Zealand. It employed about 70 staff.

HSBC will acquire AMP Banking's A$1.6 billion residential mortgage portfolio in New Zealand and, subject to customer consent, take on AMP Banking's A$355 million New Zealand retail deposit portfolio.

AMP Banking said in a statement it will enter into management and funding arrangements with HSBC over a further A$135 million of mortgages.

GE Commercial Finance will acquire A$1.25 billion in property finance loan assets from AMP Bank and AMP Finance in Australia and New Zealand.

AMP's New Zealand customers and advisers will have access to banking products through distribution agreements with HSBC and GE.

AMP Banking is now focusing on providing retail deposits and mortgage products in Australia.

AMP chief executive officer Andrew Mohl said the transfers are expected to be completed by the end of the first half of June, subject to regulatory approval and contractual obligations. The final purchase prices would depend on a number of factors, including account balances at the date of completion.

In November, AMP said it wanted to exit its loss-making local banking operations.

AMP has already sold its Australian and New Zealand credit card portfolio to American Express, and in March it proposed the transfer of AMP's UK banking portfolio to Newcastle Building Society.

Discussions continued in relation to the proposed divestment of approximately A$490 million in rural property and other property finance loans retained by AMP Bank and AMP Finance.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 ▼7.84 ▼7.39 ▼7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼7.24 ▼6.79 ▼6.65
ASB Bank 8.64 ▼7.29 ▼6.85 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
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Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.29 6.85 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.89 7.45 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼7.09 - -
Co-operative Bank - Owner Occ 8.40 ▼7.29 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
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TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

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