Latitude Group chief executive Ahmed FahourCredit:Arsineh Houspian
“If you look at all of the major financial institutions,other than the four major banks,we would be number one in consumer offerings outside of mortgages and deposits,” Mr Fahour said.
“We’ll be able to get cross-selling from our personal loans,insurance and auto loans area,straight into their (Humm’s) customer base because they don’t offer those products,” Mr Fahour said.
He also said the combined group would be one of the best placed in the buy now,pay later sector to handle any regulatory intervention regarding responsible lending,saying that Latitude conducts a full credit check on all of its customers regardless of how small the borrowing.
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“This is lending money,and you need to do it responsibly,and a credit assessment minimum thing that you need to do not everybody does that in the marketplace,” Mr Fahour said.
It is hoped the increased scale will also make it easier for the group to compete with larger buy now,pay later groups such asAfterpayand Zip Co. A deal for Humm was not unexpected after the group told the ASX in December that it had received approaches from third parties.