Latitude Financial Services
Latitude Financial Services (shortened to Latitude Financial or Latitude) is an Australian financial services company with headquarters in Melbourne, Victoria, also doing business in New Zealand under the name Gem Finance. Latitude’s core business is in consumer finance through a variety of services including unsecured personal loans, credit cards, car loans, personal insurance and interest free retail finance.[1] As of 2018 it had around a 6% share of Australia’s personal lending market making it biggest non-bank lender of consumer credit in Australia.[2]
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| Type | Private |
|---|---|
| Industry | Financial Services, Insurance |
| Founded | 2015 |
| Headquarters | Melbourne, VIC, Australia |
Area served | Australia; New Zealand |
Key people |
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| Products | |
| Owner | Deutsche Bank, Kohlberg Kravis Roberts, and Värde Partners |
| Website | latitudefinancial |
History
Latitude began as the Australian and New Zealand personal finance and motor dealer finance operations of AGC, Australian Guarantee Corporation acquired from Westpac in 2002 by GE Capital, the financial services unit of the American multinational conglomerate General Electric.
GE Capital sold its Australian and New Zealand business in 2015 to a consortium led by Deutsche Bank, Kohlberg Kravis Roberts, and Värde Partners.[3] The business was renamed Latitude Financial Services with Sean Morrissey appointed as its new CEO.[1]
References
- Drummond, Shaun (2015-11-04). "GE Capital Finance to be renamed Latitude Financial". The Sydney Morning Herald. Retrieved 2018-10-19.
- "Rebranded Latitude fighting the big four over personal lending". Financial Review. 2016-12-19. Retrieved 2018-10-19.
- "GE Finance sold in record-setting deal". The Sydney Morning Herald. 2015-03-16. Retrieved 2015-04-11.