Wide Bay Australia Ltd (WBB) and Aviva Australia (a wholly owned subsidiary of UK listed Aviva Plc) are pleased to announce that following extensive due diligence, they have agreed to each acquire a 25% interest, giving a collective interest of 50.01% interest in Financial Technology Securities Pty Ltd (Financial Technology).
Wide Bay Australia Ltd (WBB) and Aviva Australia (a wholly owned subsidiary of UK listed Aviva Plc) are pleased to announce that following extensive due diligence, they have agreed to each acquire a 25% interest, giving a collective interest of 50.01% interest in Financial Technology Securities Pty Ltd (Financial Technology).
Financial Technology has operated since 1993 as financial planners using a plan that utilises investor equity for wealth creation, with Wide Bay Australia being one of their preferred lenders and Navigator their investment platform, during that period. The company is a very successful operation primarily based in South East Queensland and New South Wales, with a large clientele developed over the years.
The acquisition will strengthen Wide Bay’s presence in the financial planning industry, extending our range of services that will be available to our customers and shareholders.
The founder and managing director of the company Geoff Putland will continue in the role of chief executive officer, until a successor is appointed and will remain on the board as chairman for at least five years, ensuring the company retains the extensive expertise and skills he has developed over the years.
Commenting on the acquisition, Ron Hancock, managing director of Wide Bay Australia, said Financial Technology provided an exciting opportunity for the group as it had a wide reach in its selected market and an excellent demographic amongst its client base.
"Both Aviva and Wide Bay Australia recognise the growth opportunities Financial Technology brings. It is a business that will grow with the additional support provided by its new equity investors.
"Together we will offer a wealth of financial skills to Financial Technology which we are widely recognised for. We think their customers will be even better served as a result of this restructure," said Mr Hancock.
Aviva Australia chief executive officer Allan Griffiths added he was very conscious of maintaining the unique character of Financial Technology that had helped it to become so successful.
"Aviva’s model is to support the growth and development of successful financial planning groups. We expect both Wide Bay and ourselves will be able to lend our proven skills to the Financial Technology team.
"I’m very excited by the opportunity this investment provides. Our Navigator platform has been an integral part of Financial Technology’s business since it began, so the whole team knows each other well.
"Aviva has also admired the growth of Wide Bay, and its exciting business model. Together with the staff who continue to hold equity in Financial Technology, we expect this will be a very exciting partnership based around taking the business to the next level," said Mr Griffiths.
The 50.01% investment in Financial Technology is expected to be completed on Wednesday 3 August 2005.
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For further information, please contact:
Ron Hancock
Managing Director
Wide Bay Australia Ltd
Ph: (07) 4153 7701
Mobile: 0408781154
Simon Morgan
Group General Manager
Public Affairs – Aviva Australia
Ph: (03) 9829 8892
Mobile: 0407 9666 32
Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of wealth creation and wealth protection for more than 300,000 customers throughout Australia.
- Globally, Aviva Australia is part of Aviva plc, the world’s fifth largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc.
- Aviva is a leading provider of life and pensions products to Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance. It has premium income and investment sales from continuing operations of A$78.6 billion, and more than A$645 billion of assets under management (as at 7July 2005). The group has more than 60,000 employees and 30 million customers worldwide.
- The information in this document reflects Navigator Australia Limited's ('Navigator’) understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. Applications to invest in a financial product issued by Navigator, or any of its related entities, must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Navigator or your financial adviser. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances. Aviva does not receive any remuneration in relation to the provision of information available from this press release which is of a general nature only.