Aussie boss takes parting shot at big banks
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The outgoing chief executive of non-bank lender Aussie Home Loans has attacked the big banks' growing share of the home loan market.
John Symond says he is stepping down as chief executive of the company to focus on consolidating the non-bank lending sector.
Non-bank lenders have relinquished market share to the banks because the credit crunch has made it almost impossible for them to fund their loans.
Mr Symond has indicated Aussie Home Loans will grow its business by acquiring smaller lenders that are struggling in the current climate.
"We've got a great brand and an umbrella that may well help other, struggling non-bank players who want to stay in the business and want to link themselves up with a good brand who's very active and wants to grow, rather than jump into the trenches, steel helmets and wait for the storm to blow over," he said.
