Tasman mortgage group sold

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Listed finance company Lombard has bought Tasman Mortgage Group.

Friday, June 1st 2007, 6:59AM

Lombard says the move marks the “first step in Lombard Group's strategy of growing its financial services operations.”

Tasman is a securitised mortgage arranger and mortgage broking subsidiary of ASX-listed residential investment company Blue Chip Financial Solutions.

Lombard says settlement of the transaction will occur as soon as certain, unspecified, third party consents are obtained.

Lombard Group chief executive Michael Reeves said the acquisition of financial services businesses like Tasman was a natural extension of the company's business.

"We believe significant synergies and efficiencies can be achieved for Lombard by owning financial services and intermediary businesses like Tasman."

Since its launch in 2000 Tasman Mortgage Group has arranged mortgage finance for more than 1500 New Zealanders purchasing investment properties and family homes.

Under the terms of the deal Tasman will retain recommended broker status for all of its significant existing clients, including Blue Chip, and strategies will be put in place to grow the business further.

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