Latitude Financial Services
About Latitude Financial Services
Latitude Financial Services is a leading consumer-finance business in Australia and New Zealand, with 2.7 million open customer accounts as at 30 June 2020 and a wide range of finance products including credit cards, interest-free promotional and retail offers, personal loans, and insurance.
Across Australia and New Zealand, the business employs more than 1,600 staff and services its customers through a network of retailer partners, brokers, phone and the internet.
The company offers financing solutions for retail partners, managing credit applications and authorisation, billing, remittance and customer-service processing. Its products include LatitudePay, Gem Visa, GO MasterCard and 28 Degrees Platinum MasterCard.
|SIZE OF LOAN BOOK*||A$7BN|
|MAKEUP OF LOAN BOOK*||
CREDIT CARDS: 62%
|GEOGRAPHIC DISTRIBUTION OF LOAN BOOK*||
|OUTSTANDING DEBT ISSUANCE**||
PUBLIC ABS TRANSACTIONS: A$2.6BN
*Gross loan receivables as at 30 June 2020.
**As at 30 June 2020.
In 2019, Latitude generated A$9 billion of volume. Receivables reduced to A$7 billion at 30 June 2020.
Ownership and history
Latitude comprises the Australian and New Zealand consumer-finance businesses established by GE Capital in the 1990s, which have since grown organically and through acquisitions.
GE Capital sold its Australian and New Zealand consumer-finance businesses (now Latitude) in November 2015. The business is now owned by a consortium comprising Deutsche Bank and funds managed by Värde Management and KKR & Co.
Latitude has a well-diversified, granular portfolio across Australia and New Zealand. The business has seen stable asset performance over an extended period, signifying its experience in operating in both jurisdictions for a number of years. The business has also operated profitably through a range of operating environments, demonstrating its core ability to manage credit risk.
Latitude’s funding strategy aims to provide the business with funding diversity across multiple financiers, markets and facilities. This provides scalability and stability as well as a balanced maturity profile.
Latitude has a well-established funding platform supported by a number of major financial institutions on- and offshore. It has augmented this with the establishment of public ABS transactions, giving the company further access to an increasing investor base and helping balance its maturity profile.
In 2017, Latitude was recognised with several awards including:
•KangaNews Awards: Australian Securitisation Deal of the Year.
•Finance Asia Awards: Best Debt Finance Deal, Most Innovative Deal and Financial Issuer of the Year.
•IFR: Best Structured Finance Issue of the Year.
FOR FURTHER INFORMATION PLEASE CONTACT:
+61 417 327 643
nonbank Yearbook 2020
KangaNews's fourth annual guide to the business and funding trends in Australia's nonbank financial-institution sector.