Latitude Financial Services

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Latitude Financial Services
TypePrivate
IndustryFinancial services, Insurance
Founded2015
HeadquartersMelbourne, Australia
Area served
Australia; New Zealand
Key people
Products
OwnerDeutsche Bank, KKR and Värde Partners
Websitelatitudefinancial.com.au

Latitude Financial Services (shortened to Latitude Financial or Latitude) is an Australian financial services company with headquarters in Melbourne, Victoria, also doing business in New Zealand under the name Gem Finance. Latitude’s core business is in consumer finance through a variety of services including unsecured personal loans, credit cards, car loans, personal insurance and interest free retail finance.[1] As of 2018 it had around a 6% share of Australia’s personal lending market making it biggest non-bank lender of consumer credit in Australia.[2]

History[edit]

Latitude began as the Australian and New Zealand personal finance and motor dealer finance operations of Australian Guarantee Corporation acquired from Westpac in 2002 by GE Capital.[3]

GE Capital sold its Australian and New Zealand business in 2015 to a consortium led by Deutsche Bank, KKR and Värde Partners.[4] The business was renamed Latitude Financial Services.[1]

References[edit]

  1. ^ a b Drummond, Shaun (2015-11-04). "GE Capital Finance to be renamed Latitude Financial". Sydney Morning Herald. Retrieved 2018-10-19.
  2. ^ "Rebranded Latitude fighting the big four over personal lending". Australian Financial Review. 2016-12-19. Retrieved 2018-10-19.
  3. ^ Acquirer: GE Capital Australia; Target: AFC Finance Ltd Australian Competition & Consumer Commission 9 May 2002
  4. ^ "GE Finance sold in record-setting deal". Sydney Morning Herald. 2015-03-16. Retrieved 2015-04-11.