Latitude Financial Services

SIZE OF LOAN BOOK* A$6.5BN
MAKEUP OF LOAN BOOK*

CREDIT CARDS: 62%
PERSONAL AND AUTO LOANS: 38%

GEOGRAPHIC DISTRIBUTION OF LOAN BOOK*

AUSTRALIA: 79%
NEW ZEALAND: 21%

OUTSTANDING DEBT ISSUANCE**

PUBLIC ABS TRANSACTIONS: A$2.3BN
PRIVATE SYNDICATED AND BILATERAL FACILITIES LIMIT: A$5.3BN

*Gross loan receivables as at 30 June 2021.
**As at 30 June 2021.

About Latitude Financial Services

Latitude Financial Services is a leading consumer-finance business in Australia and New Zealand. It has 1.7 million active customer accounts as at 30 June 2021 and a wide range of finance products including credit cards, interest-free promotional and retail offers, personal loans and insurance.

The business employs approximately 1,500 staff across Australia and New Zealand, 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.

In 2020, Latitude generated A$7 billion of volume. Receivables totalled A$6.5 billion at 30 June 2021.

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. Latitude listed on the ASX on 20 April 2021.

Asset performance

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.

Funding strategy

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 a growing investor base and helping balance its maturity profile.