MA Financial (ASX:MAF) to acquire Finsure for $145m

MA Financial (ASX:MAF) is set to acquire BNK Banking’s mortgage aggregation business, Finsure for $145 million on a cash and debt free basis. 

An institutional placement will be conducted to raise $100 million at $7.75 per share. In addition, the investment bank will offer a non-underwritten share purchase plan to retail investors worth up to $10 million.

MA Financial said Finsure strengthens their lending business by operating powerful distribution infrastructure in the residential mortgage industry underpinned by a leading technology offering.

The bank also said strong capital market activity in FY22 means it expects earnings per share to grow 15 to 25 per cent above FY21, when including the Finsure acquisition.

Shares in MA Financial (ASX:MAF) are in a trading halt and last traded at $8.45.