Humm & Latitude scrap plans to merge consumer finance business

Humm (ASX:HUM) and Latitude Financial (ASX:LFS) have mutually agreed to terminate the proposed sale of Humm’s consumer finance business to Latitude after citing major disruption in financial markets.

Humm’s board said it continues to believe that Humm Consumer Finance is a high-quality business, and intends to review HCF’s strategic direction to focus on its core products and markets in order to restore profitability. 

Meanwhile, Latitude said its experiencing good organic volume growth, is profitable and well capitalised to execute on a number of opportunities ahead.

Shares in Humm are trading 15.7 per cent lower at 48 cents. Shares in Latitude Financial are flat at $1.40.