Investec to offer mortgages, car loans and credit cards as they undertake review of sales

05 December 2013 - Which Way To Pay

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South African Bank, Money Manager and Loans provider undertake review of sales

Investec Plc, which owns a bank and money manager in South Africa and the U.K., have recently appointed advisers to undertake a review of the sales of some of Australian business and may make further job cuts after cutting 80 positions.

Investec's professional finance division typically loans money to doctors and dentists

The bank hired Ernst & Young, King & Wood Mallesons and Greenhill, Toni Hoole to undertake the review. The advisers will also consider joint ventures for Investec's professional finance division, which typically loans money to doctors, dentists and lawyers. The professional finance unit is one of the leading lenders to doctors and dentists, with assets of about $2.3 billion. The unit employs 230 of Investec Australia's staff of about 450.

Investec to offer mortgages, car loans and credit cards

Investec cut 80 jobs and closed or scaled back its Australian securities, equity capital markets and structured financial products businesses in the six months through September after the bank's operations in the country reported a loss of A$12 million ($10.9 million). As part of its new offering, the bank will offer bespoke personal banking solutions for advisers including residential mortgages and investment property, car loans and premium credit cards.

"Investec intends to transform our Australian banking business into a boutique operation focusing on corporate advisory, property funds, aviation, commodity and resource finance, project finance, corporate and acquisition finance, and financial markets," acting Australian Chief Executive Officer Ciaran Whelan said in a statement last week.

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