ME sells its business banking portfolio to RedZed Lending Solutions

5 December 2016

Effective 30 November 2016 ME sold its business banking portfolio to RedZed Lending Solutions.

The sale allows ME to focus on growing its residential home loan portfolio – business banking only comprised 2% of the Bank’s overall lending portfolio.

Formed in 2006, RedZed is an Australian owned and operated company based in Melbourne that specialises in offering common-sense lending solutions to Australian businesses. RedZed is committed to expanding its lending portfolio and enhancing the business banking services it provides customers.

Existing ME business banking customers will have their finance contracts and associated security transferred to RedZed over the coming months and all current lending contracts will remain unchanged.

The sale does not include ME’s existing business term deposits and business online savings accounts, which remain with ME.

RedZed will contact customers by mail when accounts have been transferred, to provide new customer contact details. In the meantime, customers can continue to contact ME customer service on 1300 658 108 for any account inquiries.

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